Dismal Home Sales
New home sales fall 12.7% in July.
New home sales fell to the slowest pace in close to 50 years last month.
Sales were down 12.4 percent in July.
Collectively, the past three months have been the worst on record for new homes sales.
Those numbers follow Tuesday's report that showed sales of previously owned homes fell last month to the lowest level in 15 years.
"Consumers have got to get more confident and we have got to get jobs back, it's as simple as that," says David Crowe of the National Association of Homebuilders.
Unemployment remains near double-digits and job growth in the private sector is slowing.
Builders have been forced to compete with foreclosed properties flooding the market and
government tax credits for first time home buyers expired in April.
Since then the number of people looking to buy homes has dropped, even though mortgage rates are the lowest in recent history and home prices are at their lowest in close to seven years.