New home sales plunged 8.1 percent in June, putting the decline at 4.9 percent for the first half of the year, and that's not good news for the economy.
"Housing has clearly been a notable area of persistent sluggishness beyond early-year weather disruptions," Ted Wieseman, an economist at Morgan Stanley, told The Wall Street Journal.
The economy contracted 2.9 percent in the first quarter, though many analysts expect it to grow nearly 3 percent for the rest of the year.
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2 comments:
If you want to buy a house now is the time.Gloom and doom reports hit my go switch.That's when I get my best deals.Maybe a bad time for a nation but a great time for individual home buyers.
Cash is king if you have the money. If not, your out of luck. New car prices are also out of reach of most Americans now.
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