25 August 2010 Last updated at 10:28 ET Share this pageFacebookTwitterShareEmailPrintUS new home sales in sharp fall Sales of new homes were the slowest since records beganNew homes sales in the US fell sharply in July, according to official data, adding to concerns over the weakness of the US economic recovery. The annualised rate of new homes sales fell 12.4% in July to a seasonally adjusted rate of 276,600 a year, the US commerce department said. On Tuesday, the National Association of Realtors also reported a sharp drop in sales of existing homes. Analysts fear the data could reflect the weakness in the US economy. The annualised rate represents what the total number of sales would be if the relative pace for that month were maintained for 12 consecutive months.
via www.bbc.co.uk
No jobs, no home sales...it's not rocket science to put this together!
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