Daily News Archive
Brought to you by Home Furnishings Business
May 26,
2008 by in UnCategorized 
By Home Furnishings Business in on May 2008
• On a year-over-year basis and seasonally, adjusted sales of existing homes plummeted 17.5 percent in April, according to the National Association of Realtors (NAR). Compared with March, overall sales slipped 1 percent, the ninth decrease in the last 13 months.
Measured against year-earlier figures, NAR said sales decreased 14.7 percent in Northeast, 19.7 percent in Midwest, 18.6 percent in the South and 15.3 percent in the West.
Compared with March results, home resales were down 4.4 percent in the Northeast and 6 percent in the Midwest, were flat in the South and increased 6.4 percent in the West.
• Not only are overall existing home sales down, but the sales prices of home also fell in April, down 8 percent from a year ago. Regionally, NAR said sales prices fell 7.7 percent in the Northeast, 2.9 percent in the Midwest, 5.1 percent in the South and a whopping 16.7 percent in the West.
• While the number of home sales is plummeting and sales prices are falling significantly, 30-year mortgage rates are inching up, according to Freddie Mac.
Freddie Mac, the arm of the federal government that tracks mortgage rates, reported the average 30-year fixed-rate mortgage rate in April was 5.92 percent, up from 5.76 percent in January. For the first four weeks of May, the average 30-year rate was 6.03 percent.
Weekly Review of Economic News (WREN) reports are summaries of recently-released economic statistical data that affect the home furnishings industry. WREN reports are compiled by
HFB Research Editor Janice Chamberlain.
May 26,
2008 by in UnCategorized
By Home Furnishings Business in on May 2008
Fairmont Designs has made a charitable donation of $500,000 in an effort to provide much-needed relief to the victims of the devastating 7.9 earthquake that struck in the Sichuan province of central China on May 12, 2008.
Fairmont Designs, with U.S. headquarters in Buena Park, Calif., has a 2.5 million-square-foot plant in China, from which it supplies the residential, hospitality and cabinetry sectors.
Fairmont’s donation is a collaborative, company-wide effort from the chairman, shareholders and employees of Fairmont Designs. It is being distributed by a non-profit organization to rebuild unsafe school buildings, ensuring that they meet safety code standards, and provide food and water, as well as shelter, among other relief efforts in earthquake-stricken regions.
The earthquake struck on May 12 in central China’s Sichuan province with a magnitude of 7.9 on the Richter Scale. It lasted for several minutes and was felt from as far as Bangkok and Taiwan. Within a 4-hour period, at least seven more earthquakes of 4 to 6 magnitude struck. The death toll is at 45,000 with the figures expected to rise drastically. An estimated one-third of the buildings in Wenchuan have collapsed, including a high school burying 900 eighth- and ninth-grade students, two primary schools and the county hospital.
May 26,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2008
Jim and Linda Shubert, owners of St. Louis’ Shubert Design, have won the Habersham’s Hearst Castle Trip Giveaway. Held in conjunction with the 2008 High Point Spring Market launch of the new Hearst Castle Collection from Habersham, the prize includes a trip for two and a private, guided tour of the legendary California estate.
As part of their prize, the Shuberts will receive a $2,000 American Express travel credit, which can be applied towards airfare, hotel and related expenses for two. In addition, the couple also will receive an exclusive, private tour of Hearst Castle led by Museum Director Hoyt Fields.
“Any visit to Hearst Castle is an amazing, awe-inspiring experience, but the opportunity to go on a private tour with Hoyt Fields takes the visit to a whole new level,” said Habersham President Matt Eddy. “Not only will he share parts of the Castle that are not accessible during a standard public tour, he’ll also reveal fascinating, little known details about the architecture, interiors and other aspects that promise to be especially interesting to anyone in our industry.”
“We are thrilled about the trip and looking forward to adding pieces from the Hearst Castle Collection to our display,” said Linda Shubert, co-owner and vice president of Shubert Design, which she and her husband started in 1980. “The Habersham line is gorgeous and definitely appeals to our target customer.” The Shubert Design showroom features a wide selection of fine furniture and accessory lines showcased in complete room settings and vignettes. In addition to the Habersham furniture line, Shubert Design also offers custom kitchen cabinetry from Habersham.
Hearst Castle was once the private home of publisher William Randolph Hearst and is now a California State Park.
May 26,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2008
AMC Liquidators, Ft. Lauderdale, Fla., has acquired furniture and accessory liquidations from six four- and five-star hotels in Florida. The agreements will provide inventory from 2,500 hotel rooms for sale at AMC’s two retail locations.
“With the recent introduction of our retail division, this extensive liquidation acquirement is perfect,” said Michael Grimmé, CEO of AMC Liquidators. “We pride ourselves on buying in large quantities to provide the public with amazingly stylish and elegant furniture at a fraction of the typical retail prices—and the vast inventory we have just obtained from the area’s top hotels and resorts have made this easier than ever. Now customers can live the luxury, resort life in their very own homes for an extremely attractive price.”
AMC purchases goods from major manufacturers, hotels, businesses and designers and puts it up for sale in its two Fort Lauderdale locations, and also exports all over the world.
May 26,
2008 by in UnCategorized
By Home Furnishings Business in Case Goods on May 2008
High Point-based Legacy Classic recently announced that it honored two of its customers with Retailer of the Year awards at the April High Point Market.
Levin Furniture, Smithton, Pa., which operates 13 locations in Pennsylvania and Ohio, was named Legacy Classic’s Retailer of the Year. The Place Furniture Galleries, a four-store chain on Long island, received the Legacy Classic Kids Retailer of the Year award. The company’s stores include a Kids-n-Teens location.
Criteria for the award includes the retailer’s commitment to Legacy Classics in terms of growth, volume, floor space, advertising, product display and investment for the future.