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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Although existing homes are selling  at their slowest pace in four years, most Americans are  confident their homes are worth more now than they were a year  ago, according to a survey released on Thursday.
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WASHINGTON -- Sales of existing homes fell for the fifth consecutive month in August as the once-booming housing market slowed further.
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U.S. stocks stumbled on Monday after data showed the inventory of unsold homes soared to its highest level in over 15 years as subprime mortgage market troubles continued to wreak havoc in the housing sector.
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November sales of new US homes fall much more than analysts expected, raising concerns about the economy.
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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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Inventory and accounts receivable growth are outpacing sales.
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Lower sell-throughs lead to unhappily high inventories.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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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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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 previously owned homes declined last month as the supply of unsold properties on the market ballooned and prices declined compared with those a year earlier.
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Stocks slipped on Monday after data showing inventories of unsold single-family homes rose to the highest level in more than 15 years last month fueled concern about the outlook for the economy.
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WASHINGTON -- Sales of previously owned homes in the United States fell in May to the lowest level in almost four years, reinforcing concerns about a protracted housing slump.
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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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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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Concern about interest rate hikes, the drop in new home construction, and tighter business inventories contributed to the decline.