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.
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