New home sales fall a surprising 3.6 percent
WASHINGTON (AP) Sales of new homes dropped unexpectedly last month as the effects of a temporary tax credit for first-time owners started to wane. The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000. It was the first decline since March. Sales in September were off 7.8 percent from a year ago. Despite the surprising decline, the market is up 22 percent from the bottom in January, though down more than 70 percent from the peak in July 2005. ___ Stocks slide as new home sales fall NEW YORK (AP) Signs of a weaker housing market and a gloomier outlook on the economy gave investors more reasons to dump stocks.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
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