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Sales and consumer traffic remained at low levels in late but in line with modest according toSoutheastern retailers. future sales outlook remained subdued. Most regional auto dealersw noted further declines in with several pointing to reduced creditg availability and industry uncertainty as reasons for the poor Reports from Realtors indicateed existing home sales werestabilizing overall. Homebuilders notede new home inventories were trending down ona year-over-year basis as constructiob remained at low levels and new home sales improvec modestly. Home sales prices continuef to decline according to most Commercial real estate activityremained weak.
Vacanct rates continued to rise in many parts of the putting downward pressureon rents, most notably in the retailo sector. Contractors reported more projects being postponefdor canceled. Commercial real estatee players anticipate more spac will become vacant in the coming months and that constructio n will continueto slow. Most Southeastern manufacturers said the rate of declins in production and orders moderated in For thecoming months, most in manufacturingb noted more optimism about future production and employment. Several businesxs contacts reported difficulty meeting financing needs becauss of restricted availabilityof credit.
Roughlgy one-quarter of non-auto retailerse and one-third of non-financial/non-retail contacts citedd some difficulty obtaining loans forinventory purposes. Auto dealers, in particular, said that obtaininfg vehicle inventory financing wasvery challenging. Banking contacts continued to indicat e generally low levels of demand for new loans and increasee use of existing linesof credit. Laboe market conditions continued tobe weak. Many firme reported additional cuts in hours or had institutedd mandatory unpaid days off forsome However, the pace of layoffs appeare to have slowed, as fewer firmsz reported layoffs than earlier in the year.
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