July new-home sales fall to record low pace

Date: Wed, 25 Aug 2010 12:00:58 -0400

July new-home sales fall to record low pace
Sales of new homes in the United States fell to all-time record low in
July, as demand from consumers has dried up after tax breaks for
homebuyers expired in April, the Commerce Department estimated
Wednesday.

HOUSING STILL AT HEART OF OUR PROBLEMS
Four years after the housing bubble began to explode, it looks like
home owners may have to accept further losses before it's all over.

EXISTING-HOME SALES PLUNGE 27.2% IN JULY
The sale of existing U.S. homes sank 27.2% in July -- the biggest
one-month drop ever -- largely because of the phase-out of a federal
tax credit, according to an industry trade group.

U.S. DURABLE-GOODS ORDERS INCH UP 0.3%
Stronger demand for airplanes translate only into a 0.3% increase in
durable-goods orders in July, underscoring broad weakness in other
categories, the Commerce Department estimates.