Time to buy? Trucks and Houses are available at a discount
The Commerce Department reported Tuesday that new home sales in the United States rose 3.3 percent in April after almost 6 months of decline. New home sales rose by by 41.7 percent in the Northeast last month while sales in the Midwest were up 5.8 percent and in the West sales gained 8.3 percent. The South was the only region where sales dropped, reportedly by 2.4 percent.
The median price of a new home was down 4.2 percent to $246,000 from a year ago. The median price represents the middle point where half sold for more and half sold for less.
USA Today reports the housing market for existing homes is ugly with prices expected to decline by as much as 14.2 percent.
This is a disaster for many and an opportunity for others that are seeking to make a purchase.
Lets move to the trucking industry.
The New York Times had an article that highlighted the plight of many truckers that are being forced to sell due to the high cost of fuel. Reportedly, over 45,000 trucks have been taken out of service and over 900 trucking companies have been forced out of business.
However Knight Transportation just increased their quarterly dividend and their shares rose 98 cents, $18.15. Also, Old Dominion stock rose 33 cents to $28.39.
CH Robinson Worldwide Inc., Con-Way Inc. and JB Hunt Transport Services Inc., are also expected to have good financial returns in spite of market conditions.
So is the time right to take advantage of the many trucks that are on the market? For those in the right position, the time could not be better.
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