Existing home sales fell a whopping 27 percent in July, marking the largest monthly loss since records were first kept dating back to 1968. Sales are now at a 15-year low and analysts are warning that this is a harbinger of even worse economic news in the coming months.
“The housing market is undermining the already faltering wider economic recovery,” said Paul Dales, U.S. economist with Capital Economics. “With the increasingly inevitable double-dip in prices yet to come, things could yet get a lot worse.”
Source: Associated Press
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