New Home Sales And Change YOY, SA
U.S. Median Home Price (MHP) And MHP to Gold Ratio:
Headline: New-home sales fall, 2011 could be worst year yet
Sales of new homes fell for the third straight month in July, a sign that housing remains a drag on the economy. If the current pace continues, 2011 would be the worst year for new-home sales in nearly half a century.
Sales fell nearly 1 percent in July to a seasonally adjusted annual rate of 298,000, the Commerce Department said Tuesday. That's less than half the 700,000 that economists say represent a healthy market.
Last year, 323,000 homes were sold -- the worst year on records that go back to 1963.
While new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs and $90,000 in taxes, according to the National Association of Home Builders.
Source: finance.yahoo.com
