Lake Tahoe Home Loans and Lake Tahoe Mortgage Rates:
In corporate news, WalMart reported today that quarterly sales fell as shoppers around the globe continue to be cautious, which has led the retail giant to lower its revenue and profit forecasts for the year. In addition, tech giant Cisco reported in its earnings report that it is cutting 4,000 jobs due to uncertain demand for its equipment.
The Labor Department reported this morning that Americans filing for unemployment benefits fell to six year lows. Weekly Initial Jobless Claims fell by 15,000 in the latest week to 320,000 and below the 339,000 that was expected. This signals a pickup in job growth and the Labor Department reported that there were no seasonal abnormalities associated with the numbers.
Over in housing news, the National Association of Home Builders (NAHB) reported this morning that its Housing Market Index rose to 59 in August from the 57 recorded in July. Expectations were calling for a reading of 57. It was the best level in nearly eight years as the housing sector continues to improve and this despite the recent rise in home loan rates.