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Tuesday
Jul262011

New Home Sales Probably Stagnated, Economists Predict 

ABC News(NEW YORK) -- Economists announced Tuesday that the housing market is still suffering two years into the economic recovery with June purchases of new U.S. homes most likely stagnated, Bloomberg News reports.

The Commerce Department is expected to announce Tuesday that housing sales most likely flat-lined in the past two months -- with economists predicting June sales to come in around 320,000, and 319,000 for May.

Foreclosures, slow job growth, and lack of consumer optimism have contributed to the weak housing sales, according to Federal Reserve Chairman Ben Bernanke.

The housing market continues to look bleak, as sales in 2010 totaled 323,000 -- the fewest on record.

The Commerce Department’s data is due in Washington Tuesday.

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