Thu, 26 Jul 2012 06:33:37 GMT
U.S. new-home sales drop
U.S. new-home sales declined in June following a jump to two-year high in May, indicating uneven housing recovery. Purchases drop 8.4% from the prior month to a 350,000 annual rate, the Commerce Department reported. Slow progress in labour market as well as lack of inventory is depressing purchases even though mortgage rates and prices remain attractive.