Woodworking Industry News

New home sales cool in June on higher mortgage rates

Rising mortgage rates and elevated construction costs put a damper on new home sales in June.   Sales of newly built, single-family homes in June fell 2.5% to 697,000 seasonally adjusted annual rate from a downwardly revised reading in May, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. However, new home sales are up 23.8% from a year ago.

Woodworking Industry News

United Furniture auction canceled: Stalking horse bidder wins the day

The saga of the demise of United Furniture continued with the cancellation of an auction of the 14 properties formerly owned by the company, which is also known as Lane Furniture. The auction was set to occur on July 25 but was canceled when the trustee overseeing the dissolution of United Furniture Industries Inc. assets decided that a previously rendered stalking horse bid was the best offer available.