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Thursday, July 26, 2007

Home Sales Fall

" The U.S. housing recession deepened last month and orders for durable goods unexpectedly fell, suggesting the economy will slow in the second half of the year.

Sales of new homes declined 6.6 percent, the most since January and more than economists predicted, the Commerce Department said today in Washington. The department also said that orders for goods meant to last several years, excluding airplanes, cars and trucks, dropped 0.5

The figures signal that the economy will struggle to maintain the 3 percent pace of growth that analysts estimate for last quarter. The surprise drop in durable-goods orders also means growth may become more dependent on exports. "

Source: U.S. Economy: Home Sales Fall, Durables Orders Drop (Update1) (