New-home sales plunge 8.3% to seven-year low

11:50 am ET Sep 27, 2007

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New-home sales plunge 8.3% to seven-year low

WASHINGTON
Sales of new homes dropped 8.3% in August to a seasonally adjusted
annual rate of 795,000, the slowest sales pace since June 2000, the
Commerce Department estimated Thursday.

Market Snapshot: U.S. stocks prune advance as new home sales disappoint

NEW YORK
U.S. stocks on Thursday clipped their gains after housing sales data
proved even worse than anticipated, countering earlier data that shed a
positive light on the labor market, offsetting recessionary worries.

Economic Report: GDP revised down to 3.8% in second quarter

WASHINGTON
U.S. economic growth accelerated in the second quarter to the fastest
pace in more than a year, the Commerce Department reported Thursday in
its final estimate measuring gross domestic product for the
April-through-June interval.

Economic Report: Jobless claims fall to lowest level since May

WASHINGTON
First-time applications for unemployment benefits fell by 15,000 in the
latest week to 298,000, the lowest since the week ended May 12, the
Labor Department said Thursday.

KB Home posts loss and sees housing worsening into 2008

BOSTON
KB Home swung to a third-quarter loss as the builder took a big
land-related charge and sees housing market conditions continuing to
deteriorate into 2008, financial results showed Thursday.