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August recorded a substantial decline in the pace of new home sales , even with the median price for a home falling 5.5% in the month. The pace of sales fell 11.5% over the month, pushing the annual rate of sales down to 460k from the 520k pace in July. Economists say sales aren't expected to recover...
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Will the economy return the favor? The April 2007 Economic Outlook issued by Freddie Mac credits the housing market with pulling the overall economy through the recession in 2001 and restoring it to a vigorous pace of growth over the following years. Now, with the housing sector floundering, can the...