New home sales dropped to the lowest levels on record in July, according to figures on housing sales released by the Commerce Department.
The housing market continues to struggle following the end of the homebuyer tax credit that expired April 30.
According to CNNMoney, new home sales dropped 12.4 percent. The seasonally adjusted annual rate was 276,000 [...]
Sales of existing homes in the U.S. took a 10% jump in October, fueled by foreclosures, tax credits and low prices, while new home construction starts dropped by 10.6%.
Purchases of new homes, which make up 90% of the realty market, rose to an annual rate of 6.1 million, up from 5.54 million in September, according [...]
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