Home Shopper Fizzle

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November 2007, was 87.6, down 19.2 percent below the November 2006 level of 108.4. The PHSI numbers also shows that, from a year earlier, home sales are down:* 19.8 percent in the South * 18.6 percent in the Midwest* 19.1 percent in the NortheastMeanwhile, the housing market drop-off has hit home furnishing retailers particularly hard. Consider:* Jennifer Convertibles reported same store sales dropped 2.6 percent for the fiscal quarter ended Nov. 24 compared to the same quarter in 2006* Havertys reported November same sales for the first eleven months of 2007 decreased 9.1 since 2006.* Bassett Furniture Industries sales for Q3 2007 fell 9 percent compared to Q3 2006.