New-home sales slip in June

Sales of new homes fell 1 percent in June, slipping for the second month in a row, according to CNN.

The Census Bureau reported an annual sales rate of 312,000 new homes last month, down slightly from a revised rate of 315,000 homes in May. Compared to new home sales a year ago, June sales were up 1.6 percent.

The 312,000 sales rate in June is a long way from the peak hit in July 2005 of 1.4 million. Ever since the recession took hold in 2008, home builders have been cautious about beginning new projects – especially with unemployment still painfully high.

For more information: http://money.cnn.com/2011/07/26/news/economy/new_home_sales/