New Home Sales fell in August, Wells Fargo problems continue, Presidential Debate tonight
September 26, 2016
Monday – September 26
The Commerce Department reported on Monday that New Home Sales in August fell 7.6% from July to an annual rate of 609,000, which beat expectations of 585,000. Sales plunged 34% in the Northeast, fell 2.4% in the Midwest, dropped 1.3% in the South, but increased 8% in the West. Supply was running at 4.6 months in August, up from the 4.2% months in July. From August 2015 through August 2016, sales rose a whopping 20.6%. The median home price also dropped, falling 5.4% from a year ago to 284,000.
The problems at banking giant Wells Fargo continued on Monday after former employee, who say they were fired for following the law, filed a class action lawsuit against the bank seeking $2.6 billion in damages. The lawsuit was filed by those employees who didn’t break the law and were let go by the bank for not fulfilling outrageous sales quotas. The lawsuit states that the lofty sales goals were “unrealistic,” “impossible” and “unreachable.”
The first presidential debate between Democratic candidate Hillary Clinton and her Republican challenger Donald Trump will air on Monday night beginning at 9:00 p.m. ET from Hofstra University in Long Island, New York. It is estimated that some 100 million Americans will tune in Monday night. Ms. Clinton is said to be clinging to a narrow lead in the polls with the debate being a possible tipping post for a path to the presidency. Tonight’s debate is the first of three with the topics being “America’s Direction,” “Achieving Prosperity” and “Securing America.”