In brief: U.S. factory orders down in September

WASHINGTON – Orders to U.S. factories declined in September, dragged by falling demand in the volatile aircraft category.

The Commerce Department said Tuesday that orders retreated 0.6 percent in September, after having plunged 10 percent in August, also largely because of plummeting demand for aircraft.

Orders at aluminum, iron and steel mills rose in September, as did demand for furniture and motor vehicles. But those gains were offset, in part, by declining orders for construction machinery, electronics products and consumer goods.

Home-price growth slows

WASHINGTON – The U.S. housing market cooled off in September, as home prices rose at an ever-slowing pace.

Prices increased 5.6 percent in September compared to a year ago, real estate data provider CoreLogic said Tuesday. That’s down from annual gains of 6.4 percent in August and 6.8 percent in July.

Home prices had been climbing by as much as 12 percent annually toward the end of last year. But the acceleration out of the housing crash that triggered the Great Recession has become unsustainable. Wages barely have budged as inflation and lending standards remain relatively strict. This makes it difficult for families to pay the higher home prices.

CoreLogic forecasts that the slowdown will continue, with annual home price growth slipping below 5 percent by September 2015. This should help bolster home sales for first-time buyers with adequate incomes and down payment savings, yet there are few signs that younger Americans are buying real estate.