WASHINGTON (MarketWatch) — U.S. sales of new homes declined in July for the third straight month, a sign of continued woes in the housing market.
Sales fell 0.7% in July to a seasonally adjusted annual rate of 298,000, the slowest pace since February, the Commerce Department reported Tuesday. Sales had reached 316,000 in April before slipping.
The drop was a surprise to analysts. The consensus forecast of Wall Street economists was for a 1% gain in home sales to a 315,000 rate.
Tuesday, August 23, 2011
So many facets of this economy are dependent on home sales. Untill this shows some serious strength, the economy won't.
Posted by traderrob at 7:38 AM