NEW HOME SALES PLUNGE 12.4% Gregory White | Aug. 25, 2010, 10:00 AM | 204 | comment 4
New home sales numbers came in lower than expected, down to an annualized 276,000.
That's a 12.4% drop over June, and a 32.4% drop over July 2009.
Markets fell immediately on the news, but have rebounded somewhat:
* Dow down 0.62% * NASDAQ down 0.61% * S&P 500 down 0.82%
The consensus was for a slight improvement over June, at 340,000 annualized.
June home sales were an annualized 330,000, while May was at 267,000.
New home sales increased in June 23.6%, after falling 36.7% in May.
This comes after yesterday's massive 27.2% drop in existing home sales.
Read more: http://www.businessinsider.com/new-home-sales-july-2010-8#ixzz0xcuen2YO
