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ST. LOUIS NEWS TODAY - Sunday, January 7, 2007
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Pending Home Sales Show Steady Trend
ST. LOUIS, (SLFP.com), January 7, 2007 - A stabilization trend in the housing market is likely to continue, according to the latest reading on pending home sales published by the National Association of Realtors(R).
The Pending Home Sales Index, based on contracts signed in November, eased by 0.5 percent to 107.0 from an upwardly revised reading of 107.5 in October, and is 11.4 percent lower than November 2005. The decline from year- ago levels has been steadily narrowing since July, which was 16.0 percent lower than the same month in 2005.
David Lereah, NAR's chief economist, said the narrowing from year-ago levels is a significant factor. "Because there is a stronger parallel between changes in the index from a year ago and the actual pace of home sales in coming months, the index is pointing toward fairly stable home sales in the near future," he said. "That is another indicator that home sales likely bottomed-out in September."
The index is derived from pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed; pending sales typically are finalized within one or two months of signing.
An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined and the first of five consecutive record years for existing-home sales. There is a closer relationship between annual changes in the index and actual market performance than with month-to-month comparisons.
"Although some monthly declines are possible, when we look at the forecast for existing-home sales in 2007 on a quarterly basis, we see gradual improvement over the course of the year," Lereah said. "That will support future price appreciation as inventories are drawn down."
Regionally, the PHSI in the Midwest rose 4.8 percent in November to 101.7 but was 11.6 percent below a year ago. The index in the South slipped 1.1 percent to 121.6 and was 8.9 percent below November 2005. The index in the West declined 2.6 percent to 106.6 and was 15.9 percent lower than a year earlier. In the Northeast, the index was down 2.8 percent in November to 85.5 and was 9.6 percent below November 2005.
Internet "Yellow Pages" Directory Misled Consumers
ST. LOUIS, (SLFP.com), January 7, 2007 - Missouri businesses and other organizations that often unknowingly paid for a listing on an Internet "yellow pages" directory can file claims for restitution from the California company that allegedly misled and billed them, Attorney General Jay Nixon said.
Nixon obtained a consent judgment in Cole County against Anaheim-based Yellow Pages Inc. (YPI) requiring YPI to pay full restitution to consumers who file complaints and stop certain marketing practices that Nixon says are deceptive. The order follows a restitution order last month in a 34-state settlement led by Missouri against an unrelated Nevada company, YP.com, which used similar tactics as YPI.
YPI solicits and sells listings in both a business-to-business directory and a "yellow pages" directory on the Internet. YPI and its owner, John Wurth, were the subject of complaints that the company misled small businesses, churches, schools and other consumers through its use of "activation" checks. YPI would mail the unsolicited checks to the recipients, neglecting to adequately inform them that when the checks were cashed, the businesses or other organizations were automatically enrolled for the company's services.
Recipients who cashed the checks would then be unknowingly obligated to a contract for one year of the defendants' directory advertising services, and were billed for $177 to $179 for the service. Accounts that were unpaid often were turned over by the defendants to a collection service.
"Receiving an unsolicited check in the mail should always give every small business pause, as such enticements can end up socking them with some unexpected costs once the check is cashed," Nixon said. "We're pleased that another company that engaged in such misleading tactics won't be preying upon Missouri small businesses, churches, schools or other consumers anymore."
Under the judgment, YPI is prohibited from sending Missouri businesses and consumers any solicitations in the form of a check which, when cashed, obligates the consumer to pay for any of the defendant's services or from attempting to collect payment from any prior customers. YPI is also required to provide a refund to any prior-paying Missouri consumer who files a complaint with the Attorney General's Office by February 28, 2007. Complaints to Nixon's office can be filed online at ago.mo.gov. YPI also will pay $10,000 to the state to pay for the costs of the investigation, prosecution and enforcement of the case.
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