[ close ]


Bg1

Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles

Home Sales Decline 1.3 Percent

Published 07/21/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

Home sales fell by 1.3 percent in July, according to Bloomberg.com. Numerous factors will cause the economy to continue its stagnate growth. As credit continues to tighten and energy expenses rise, consumers are losing the ability to spend, pay the mortgage or even buy a new home.


Source Bloomberg.com:

Combined sales of new and existing homes dropped 1.3 percent last month, according to the median estimate of economists surveyed by Bloomberg News. Orders for durable goods, products meant to last several years, probably fell 0.3 percent.

The biggest housing recession in a generation, now being exacerbated by a tightening in credit as financial losses spread, threatens to stall economic growth. The surge in raw-material costs and slowing demand will likely prompt companies to keep reducing investment in a bid to protect profits.

Click here to contact your Representative in Congress.

Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles

Bg1

Economy In Crisis relies on financial support from its readers. Learn more.

Your endorsement is greatly appreciated. Click here for other ways to get involved.

Bg1

Comment on this article

Subject
Comment


Article Comments From Readers

Bg1

Additional Recommended Articles

Midwest Slammed by Housing Crisis – Seeking Help
Does the Bailout Pass the Smell Test?
Home Values At Lowest Since 2004
Yahoo To Cut Jobs
Layoffs Again Decimate The U.S.

Bg1

Register for newsletter