Wednesday, Breitbart News reported that over the last 30 days, Gallup measured a sharp spike in unemployment, from 7.7% to 8.9%. Friday, the Commerce Department released another startling and unexpected statistic: New home sales collapsed in July by a full 13.4%. According to the AP, this is a 9-month low.
A rise in interest rates has also resulted in a decrease in mortgage applications.
This isn’t the only bad news coming out of July. Only 162,000 jobs were created during the entire month–most of them part-time.
Thursday, jobless claims rose by 13,000 over the previous week to 336,000.
There was good news in July. Existing home sales rose to their highest level since 2009. Unfortunately, no one is put to work building, landscaping, selling, and manufacturing materials for a home that already exists.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”