Home re-sales fall as inventories soar
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The pace of sales of pre-owned U.S homes fell slightly in July but the inventory of unsold properties soared to the highest level in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector.
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Weak housing market hurting demand for power tools.
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Lennar, a leading home builder, said that it had a second-quarter loss as inventories of unsold homes rose.
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Sales of new U.S. homes tumbled to a  smaller-than-expected seasonally adjusted 1.072 million  annualized rate in July and a key inventory measure jumped to a  ten-year high, pointing to a rapidly cooling housing market, a  government report showed on Thursday.
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Existing home sales posted their largest gain in two years last month, a sign the housing market may be climbing out of a slump, but orders for big-ticket factory goods fell as businesses showed wariness about the economy's health.
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KB Home announces large loss, and an industry trade group releases data that show falling home sales.
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The homebuilder said its fourth-quarter loss ballooned to $772.7 million as home sales slowed, prompting it to book charges to write down unsold inventory and for a tax allowance.
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WASHINGTON -- Reflecting further housing troubles, sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month.
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Stocks fell moderately in early trading following news that sales of existing homes fell in July for a fifth straight month and that inventories of unsold homes spiked.
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Concern about the US housing market returns as a key survey shows sales have fallen to a near five-year low.
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Homes priced out of buyers' reach and unsold inventory could derail analysts' predictions that the market is near its bottom.
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Even as foreclosures keep rising and overall sales continue to plummet, more expensive homes have staged a bit of a comeback in recent months.
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Sales of non-new houses in the US fell last month but still exceeded analyst forecasts.
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Resales of U.S. homes fell 2.7  percent in August, decreasing more than expected as mortgage  interest rates picked up in the early summer, a trade  association report showed on Friday.
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The number of existing homes sold also fell, suggesting that the sharp decline in home sales seen earlier this year has for now leveled off.
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New-home sales in November dropped 9 percent from the previous month, and were down 34 percent from a year earlier, more dismal figures for an industry facing bloated inventory, declining prices and mortgage woes.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.