August 26th, 2010 
admin Drop on US New Home Sales
US New Home Sales
Sales of new homes in the US fell record low in July. Sales of new homes in the US fell by 12.4 percent to a 276,000 unit annual rate. US equity markets after falling by nearly 1 percent. National Association of Realtors reported a sharp drop in sales of existing homes.
Economists expecting a minor increase to 339,000. Economists had expected sales to inch higher the report was weaker than expected. It is the slowest rate since records began in 1963 according to the Commerce Department. Analysts are warning that this could propose the third quarter could turn down in growth.
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