Tuesday, August 24, 2010

ABC: Obama's 'Recovery Summer' Withers: Existing Homes Sales Dive to 15-Year Low

After months of withering job losses and weak economic growth, summer was going to be the season of recovery, the Obama administration heralded in June.

Thousands of infrastructure and construction projects funded by the American Recovery and Reinvestment Act were to come on-line during June, July and August, helping to "create jobs for American workers and economic growth for businesses, large and small."

The White House dubbed it "Recovery Summer" and President Obama declared the economy had begun "growing at a good clip." Vice President Joe Biden predicted weeks earlier that creation of 250,000 to 500,000 new jobs a month could soon be on the horizon. READ MORE...

Existing Home Sales Fall Record 27.2% to 15-Year Low

Buying activity in the residential real estate market slowed dramatically in July, according to a report released Tuesday by the National Association of Realtors. The dramatic plunge is yet another sign the U.S. economy may be heading toward a slowdown or double-dip recession.

The realtor industry group said existing home sales plummeted 27.2% in July to an annualized pace of 3.83 million units from a downwardly-revised 5.26 million units in June.

With this drop, existing home sales are now down 25.5% from July 2009 and have hit the lowest level since May of 1995. READ MORE...

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