New Home Sales Fall 5th Time This...
From Times Staff and Wire Reports
New Home Sales Fall 5th Time This Year: New home sales in July declined for the fifth time in seven months, the government said Wednesday, and industry observers said rising mortgage rates linked to the Mideast crisis will compound the decline in months ahead. The Commerce Department said new homes sold at a seasonally adjusted annual rate of 548,000 units, down from 561,000 units in June and 741,000 in July, 1989. For the first seven months of the year, sales have fallen 12.4% below the pace of 1989.
