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    July New-Home Sales Fell to Five-Month Low


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    Posts : 34
    Join date : 2011-08-10

    July New-Home Sales Fell to Five-Month Low

    Post  hurricanemaxi on Tue 23 Aug 2011, 10:50 pm

    Sales of new U.S. homes declined more than projected in July to the lowest level in five months, indicating the industry is struggling to stabilize two years into the economic recovery.

    Purchases fell 0.7 percent to a 298,000 annual pace after a 300,000 rate in June that was slower than previously estimated, figures from the Commerce Department showed today in Washington. The median projection in a Bloomberg News survey of economists called for a 310,000 rate in July.

    Builders are less inclined to start new projects as they face competition from cheaper existing homes and the prospect of foreclosures putting more unsold properties on the market. A jobless rate above 9 percent and limited employment growth indicate housing may keep weighing on the recovery even with mortgage rates at a record low.

    “There is no upside momentum at all in housing,” said Eric Green, chief market economist at TD Securities Inc. in New York, whose forecast for sales was 300,000. “Without any meaningful job growth, we’re going to continue to look at a housing sectors that is moribund.”

    Stocks held gains after the figures, with the Standard & Poor’s 500 Index climbing 1.5 percent to 1,140.21 at 10:49 a.m. in New York. Treasuries were little changed with the yield on the benchmark 10-year note as 2.11 percent.

    Estimates of the 76 economists surveyed by Bloomberg ranged from annual selling rates of 290,000 to 330,000. About 323,000 new dwellings were sold in 2010, the fewest on record.
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