LA Times: Consumers bought cars at a steady pace in August as the automobile industry continued to help anchor the U.S. economy.
“August continues this summer’s trend of healthy growth,” said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates.
…. General Motors Co. said its U.S. sales rose 10% to 240,520 in August compared with the same month a year earlier.
Ford Motor Co. reported that sales increased 13% to 197,249 vehicles as shoppers gravitated to smaller cars.
…. Chrysler Group said its sales rose 14% to 148,472 vehicles compared with the same month a year earlier. It was the automaker’s best August sales since 2007.
LA Times: Nationwide home prices shot up 3.8% in July, making their largest year-over-year leap since 2006…. The gain marks the fifth straight rise in the gauge, part of a positive swing following a year and a half of slumps. The last time prices rose so much was in August 2006, when they jumped 4.1%.
Prices in California bounded up 4.4%. Without distressed sales – including foreclosures and short sales – national prices were up 4.3% compared with last July.
The report, coming as a glut of house-hunters clamor after a shrinking inventory, suggests that the real estate market is “clearly seeing the light at the end of a very long tunnel,” said CoreLogic Chief Executive Anand Nallathambi in a statement.