New home sales expected to continue to drop in July

Bloomberg reports the the purchases of new U.S. homes probably fell for a third straight month in July, pointing to lingering housing market weakness two years into the economic recovery. Sales fell 0.6 percent to a 310,000 annual pace, the slowest in four months, from a 312,000 rate in June, according to the median estimate of 75 economists in a Bloomberg News survey. Purchases last year totaled 323,000, the fewest since record-keeping began in 1963. Read more.