U.S. stocks close lower under weight of unsold homes

4:03 pm ET Aug 27, 2007

DJIA

13,322

-56.74

S&P

1,466

-12.58

NASDAQ

2,561

-15.44

10Yr

4.60%

-0.037

U.S. stocks close lower under weight of unsold homes

NEW YORK
Stocks closed lower Monday amid data indicating the count of unsold
homes hit a 16-year high in July and word Dow component Home Depot cut
the price of its wholesale-supply unit, signaling a harsher financing
climate.

Economic Report: Home inventories hit 16-year high in July

WASHINGTON
Inventories of unsold single-family homes increased by 2.2% to 3.85
million in July, sending the inventory in relation to sales to the
highest level in 16 years, the National Association of Realtors reported
Monday.

Analysts laud Home Depot efforts to salvage division's sale

CHICAGO
Analysts on Monday cheered Home Depot Inc.'s apparent agreement to slash
by nearly 18% the price for which it will sell its supply division and
keep an equity stake in the business to get the deal done.