New-home sales dropped to a record low, as inventories increased and sales plummeted after the government's first-time home buyer's tax credit expired. Sales in July dropped 12.4% to a seasonally adjusted annual rate of 276,000 units, though economists had expected sales to increase 0.9%. However, home prices rose 0.9% in the second quarter of 2010, according to the Federal Housing Finance Agency.
While durabl e goods orders increased in July, the improvement was less than expected. Buoyed by strong demand for transportation equipment, orders rose by 0.3% to $193.02 billion, seasonally adjusted--far less than the 2.8% climb that economists predicted.
(time to load, don’t be scared too much. This year is much better than last year. )
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