WASHINGTON (MarketWatch) - Sales of new homes dropped 8.3% in August to a seasonally adjusted annual rate of 795,000, the slowest sales since June 2000, the Commerce Department estimated Thursday.
Sales are now down 21.2% in the past year, with no sign of a bottom in the crippled housing market.
August's sales pace was weaker than the 825,000 expected by economist surveyed by MarketWatch. In addition, sales in May, June and July were revised down.
I just don't see how we can justify ANY further gains, but there is still some performance anxiety and maybe a little window dressing, left although I think that's almost over with. Smart investors cashed out on this run-up.
Sales are now down 21.2% in the past year, with no sign of a bottom in the crippled housing market.
August's sales pace was weaker than the 825,000 expected by economist surveyed by MarketWatch. In addition, sales in May, June and July were revised down.
I just don't see how we can justify ANY further gains, but there is still some performance anxiety and maybe a little window dressing, left although I think that's almost over with. Smart investors cashed out on this run-up.
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