New Home Sales Collapse 13.4% In July

Over the last 30 days Gallup measured a sharp spike in unemployment, jumping from 7.7% to 8.9%. The Commerce Department has now released another statistic saying that new home sales collapsed in July by a full 13.4%. According to the AP, this is a 9-month low.

by John Nolte
23 Aug 2013, 7:33 AM PDT
Breitbart

Wednesday, Breitbart News reported that over the last 30 days Gallup measured a sharp spike in unemployment, from 7.7% to 8.9%. Friday, the Commerce Department released another startling and unexpected statistic: New home sales collapsed in July by a full 13.4%. According to the AP this is a 9-month low.

A rise in interest rates has also resulted in a decrease in mortgage applications.

This isn't the only bad news coming out of July. Only 162,000 jobs were created during the entire month; most of them part-time.

Thursday, jobless claims rose by 13,000 over the previous week to 336,000.

There was good news in July. Existing home sales rose to their highest level since 2009. Unfortunately, no one is put to work building, landscaping, selling and manufacturing materials for a home that already exists.

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