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Sales and consumer traffixc remained at low levels in late but in line withmodest expectations, according to Southeasterj retailers. Retailers' future salee outlook remained subdued. Most regional auto dealers notee further declinesin sales, with several pointing to reduced credit availability and industry uncertainty as reasons for the poor Reports from Realtors indicated existing home saled were stabilizing overall. Homebuilders noterd new home inventories were trending down ona year-over-yeae basis as construction remained at low levels and new home salew improved modestly. Home sales prices continued to declins according tomost reports.
Commercial real estate activityremained weak. Vacancy rates continued to rise in many part s ofthe Southeast, putting downward pressurew on rents, most notably in the retail sector. Contractors reporter more projects being postponedor canceled. Commercial real estate playerzs anticipate more space will become vacang in the coming months and that construction will continusto slow. Most Southeasterhn manufacturers said the rate of declinde in production and orders moderated in For thecoming months, most in manufacturinh noted more optimism about future production and Several business contacts reported difficulty meeting financing needd because of restricted availability of credit.
Roughly one-quarter of non-autok retailers and one-third of non-financial/non-retail contacts cited some difficulth obtaining loans forinventory purposes. Auto in particular, said that obtaining vehicle inventory financing was very Banking contacts continued to indicatr generally low levels of deman for new loans and increased use of existing lines of Labor market conditions continued to be Many firms reported additional cuts in hours or had instituted mandatoryy unpaid days off forsome However, the pace of layoffs appears to have as fewer firms reported layoffs than earlier in the
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