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US new home sales slump

first_img FEARS of a double-dip in the US housing market intensified yesterday after data showed that new home sales fell at the sharpest monthly pace in July since records began. Sales of new homes plummeted 12.4 per cent to an annual rate of 276,000 – the lowest since the data was first recorded in 1963 and well below the market’s expectations of a rate of 330,000 homes. The Commerce Department also revised down June’s annual sales pace to 315,000 units. New home sales have struggled to pick up over the past few months and the annual pace is only a quarter of what was seen in the boom years of the early 2000s.New York-based Steven Ricchiuto at Mizuho Securities said: “It is a bad report through and through, there is nothing in the details to tell you that things are improving whatsoever. The odds of the dreaded double-dip are increasing.”The downbeat data initially weighed on US equities but buying activity capped losses.Analysts expect the pace of new home sales to remain depressed for some months to come and predicted possible years of excess supply. ING’s Teunis Brosens said: “Sales may recover slightly in the coming months, as the demand fallout following the expiry of the homebuyer tax credit fades. But we expect them to remain low.”“Homebuilders continue to face tough competition from distressed sales. These typically sell at a discount and currently make up about 30 per cent of total sales. Moreover, while the building spree peaked in 2006, the housing market is still burdened with substantial excess supply. It may take several years to clear this excess,” he warned. whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Show Comments ▼ whatsapp US new home sales slump Wednesday 25 August 2010 8:41 pm Share KCS-content Tags: NULLlast_img read more