US Existing Home Sales Data Suggests another Slump
The end of a Federal tax credit for home buyers continues to have adverse effects on the housing market, data published today shows. According to the National Association of Realtors, sales of previously owned homes in the United States dropped by 5.1 percent in June to a 5.37 million annual rate, after falling by 2.2 percent in May. The second consecutive monthly decline of existing home sales following the tax credit expiry suggests that the housing market will indeed be very slow to recover. Earlier this week, housing starts in June fell to their lowest level since October, providing further evidence that the housing market is failing to find a sustainable recovery.
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