New home sales in US touch the lowest ebb since 1963
Posted on 25. Aug, 2010 by Murthy in Business
The July 2010 sales of new homes in US touched the ebb and set a slowest pace record. The sales of new one-family houses dropped 12.4 per cent equating to 276,000 units a year rate. This is the lowest level since the series started in 1963 according to the date provided by Commerce Department. The prices of homes also seem to be lowest in 6 years now.
While economy pundits sounded bullish and expected a rise to 334,000 unit annual rate, the figures seem to reflect the plunging housing sector.
