New-Home Sales Drop Sharply

Poor new-home sales indicate that the economic recovery is fading.

Posted:
 

The U.S. Commerce Department said today that new-home sales fell 12.4 percent in July from a month earlier to a seasonally adjusted annual sales pace of 276,600. That was the slowest pace on record, dating back to 1963. In fact, the past three months have been the worst on record for new-home sales. Poor new-home sales are indicator that the economic recovery is slowing. Dig in, folks. It's going to take a really long time to recover from this troubled economy.

Read more at Forbes.com.

Comments
The Root encourages respectful debate and dialogue in our commenting community. To improve the commenting experience for all our readers we will be experimenting with some new formats over the next few weeks. During this transition period the comments section will be unavailable to users.

We apologize for any inconvenience and appreciate your continued support of The Root.

While we are experimenting, please feel free to leave feedback below about your past experiences commenting at The Root.