Weyerhaeuser Losing Millions as New Home Sales Hit 30 Year Low

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    New Home sales have hit a record low not matched since the Jimmy Carter Administration in 1979-82 when Interest rates were 14 percent and higher for home loans. Weyerhaeuser lost $148 Million so far in first quarter 2008 due to its product line being dependent on new home building.

    Daniel Fulton, President of Weyerhaeuser say they are experiencing a record low production when adjusted for inflation. Total profits were only 48 million dollars and after having higher then expected returns the companies sales are still extremely disappointing.

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