US Economic Recovery Threatened By A Plunge In Home Sales In July
US existing home sales fell by a whopping 27.2% mom to an annual rate of 3.83 million units in July, after a decline of 7.1% in June. This was the third consecutive month of decline and the sharpest since the data began in 1968, following
the end of the government’s tax incentive in April. The tax incentive offered certain buyers as much as US$8,000 in tax credit to sign a contract by 30 April and complete the contract by 30 June. US lawmakers, however, have since
pushed the completion of the deadline to 30 September. Yoy, the existing home sales contracted by 25.5% in July, after slowing down to +7.6% in June and from a recent high of +23.2% in April, pointing to a renewed weakness in home sales.
Tracking The World Economy... - 25/08/2010
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