June existing home sales rise 3.6 percent, values falling
The National Association of Realtors (NAR) on Thursday announced that sales of existing homes in the U.S. rose for the third consecutive month in June, suggesting that the troubled housing market may be hitting bottom, private data showed Thursday. The value of existing single-family home and condominium sales continue to fall according to the Florida Association of realtors (FAR). According to FAR the median price, however, skidded 59 percent, from $132,900 in June 2008 to $54,500 in June 2009.
Ford reports 2Q profit
Ford Motor Co., thanks to its debt reduction, posted a second quarter profit of $2.3 billion or 69 cents a share on Thursday. Just a year earlier the company reported the worst loss in the history of the company. Shares rose 9 percent in afternoon trading. Ford's second-quarter revenue declined 40 percent, to $27.2 billion from $41.1 billion a year earlier.
Fifth Third banks posts 2Q profit
Fifth Third Bancorp reported a second quarter profit on Thursday following the sale of a majority stake in its credit card processing unit attracting a gain of $1.1 billion. Net income available to shareholders of the Cincinnati-based lender was $856 million, or $1.15 per share, versus a loss of $2.18 billion, or $3.78, a year earlier. The sale helped the bank overcome its mounting losses from its problem loans in Florida.