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Slowing Home Sales Show U.s. Market Lacks Momentum: Economy

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The pace of new-home sales fell to the slowest in four months in July, signaling U.S. real estate lacks the vigor to propel faster growth in the economy.

Purchases unexpectedly declined 2.4 percent to a 412,000 annualized pace, weaker than the lowest estimate of economists surveyed by Bloomberg, Commerce Department data showed today in Washington. June purchases were revised up to a 422,000 rate after a May gain that was also bigger than previously estimated.

Housing has advanced in fits and starts this year as tight credit and slow wage growth kept some prospective buyers from taking advantage of historically low borrowing costs. Bigger job and income gains, along with a further slowdown in price appreciation, would help make properties more affordable.

“It’s a little bit disappointing,” said Thomas Simons, an economist at Jefferies LLC in New York and the top forecaster of new-home purchases over the past two years, according to data compiled by Bloomberg. “The new-home sales data have no traction whatsoever and don’t seem to be gaining at all.”

When the economy is housing this is deeply worrying, perhaps the Fed needs to cut rates again?

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When the economy is housing this is deeply worrying, perhaps the Fed needs to cut rates again?

Does anyone remember the days when there were real jobs ?

Factories were build to generate wealth and housing constructed around the industrial area's to support the wealth generation. Looking back, what a stupid idea that was. Those 300 years of the British empire and the industrial revolution were wasted when all we needed to do to become a super power was the build a few shoddy "executive apartments" and sell them to each other at ever increasing prices. No need for wars, empire building, dirty smelly factories and certainly no need for hard work.


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