US new home sales fall again in July Skip to main content

US new home sales fall again in July

New homes for sale in Davie, Florida New-home sales make up one-fifth of US housing transactions
US new home sales fell for the third month a row in July, figures have shown, indicating continuing weakness in the housing market.
Sales fell 0.7% in July to a seasonally adjusted annual rate of 298,000, from a downwardly revised 300,000 in June, the Commerce Department said.
The new figures, which were worse than analysts had expected, represent a five-month low.
High unemployment and a weak house market are undermining the US recovery.
An oversupply of used homes and a large stock of foreclosed housing is also putting a strain on the market.
"Not only is the decline of 0.7% larger than expected, but June revisions, down to 300k, make forecast consensus of a dip to 310k from 312k look misplaced," said Vmombi Nshom of IFR Economics.
New homes represent less than one-fifth of the housing market, but have a large impact on the economy.
According to the National Association of Home Builders each new-build creates an average of three jobs and $90,000 in taxes.

http://www.bbc.co.uk/news/business-14636316

Comments

Popular posts from this blog

Chronology of the Press in Burma

1836 – 1846 * During this period the first English-language newspaper was launched under British-ruled Tenasserim, southern  Burma . The first ethnic Karen-language and Burmese-language newspapers also appear in this period.     March 3, 1836 —The first English-language newspaper,  The Maulmain Chronicle , appears in the city of Moulmein in British-ruled Tenasserim. The paper, first published by a British official named E.A. Blundell, continued up until the 1950s. September 1842 —Tavoy’s  Hsa-tu-gaw  (the  Morning Star ), a monthly publication in the Karen-language of  Sgaw ,  is established by the Baptist mission. It is the first ethnic language newspaper. Circulation reached about three hundred until its publication ceased in 1849. January 1843 —The Baptist mission publishes a monthly newspaper, the Christian  Dhamma  Thadinsa  (the  Religious Herald ), in Moulmein. Supposedly the first Burmese-language newspaper, it continued up until the first year of the second Angl

ARSA claims ambush on Myanmar security forces

Arakan Rohingya Salvation Army (ARSA) on Sunday claimed responsibility for an ambush on Myanmar security forces that left several wounded in northern Rakhine state, the first attack in weeks in a region gutted by violence. Rakhine was plunged into turmoil last August, when a series of ARSA raids prompted a military backlash so brutal the UN says it likely amounts to ethnic cleansing of the Muslim Rohingya minority. The army campaign sent some 650,000 Rohingya fleeing for Bangladesh, where refugees have given harrowing accounts of rape, murder and arson at the hands of security forces and vigilantes. Myanmar's military, which tightly controls information about Rakhine, denies any abuses and insists the crackdown was a proportionate response to crush the "terrorist" threat. ARSA have launched few attacks in recent months.  But the army reported that "about ten" Rohingya terrorists ambushed a car with hand-made mines and gunfire on Friday morning

Thai penis whitening trend raises eyebrows

Image copyright LELUXHOSPITAL Image caption Authorities warn the procedure could be quite painful A supposed trend of penis whitening has captivated Thailand in recent days and left it asking if the country's beauty industry is taking things too far. Skin whitening is nothing new in many Asian countries, where darker skin is often associated with outdoor labour, therefore, being poorer. But even so, when a clip of a clinic's latest intriguing procedure was posted online, it quickly went viral. Thailand's health ministry has since issued a warning over the procedure. The BBC Thai service spoke to one patient who had undergone the treatment, who told them: "I wanted to feel more confident in my swimming briefs". The 30-year-old said his first session of several was two months ago, and he had since seen a definite change in the shade. 'What for?' The original Facebook post from the clinic offering the treatment, which uses lasers to break do