U.S. Economy: Purchases of Existing Homes Fall for Second Month

Sales of U.S. previously owned homes in June dropped less than forecast, sustained by a backlog of deals that will dry up when a government credit expires.

Purchases slipped for a second month, falling 5.1 percent to a 5.37 million annual rate, figures from the National Association of Realtors showed today in Washington. Transactions will be “very low” in coming months as the federal incentive ends, the group’s chief economist, Lawrence Yun, said in a news conference.

Other reports showed the economic outlook dimmed and more Americans filed applications for unemployment benefits, reinforcing signs of slowing growth. The data show why Federal Reserve Chairman Ben S. Bernanke reiterated today that central bankers stand ready to take additional action if the world’s largest economy “doesn’t continue to improve.”

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- Posted: 2010-07-22 13:52:07

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