More evidence that the economy is still very shaky came Tuesday in the form of news about a startling dip in sales of existing single-family homes during July, which marked the lowest point in that market in 15 years.
Los Angeles Times
Sales of previously owned homes plunged 27.2% nationally in July—fallout from the expiration of a popular federal tax credit that had fueled the market for much of the year.
The big drop, which was worse than what many analysts had expected, sent stock markets tumbling Tuesday morning as investors feared a double dip in housing. The blue-chip Dow Jones industrial average fell more than 1%, as did the S&P 500, a broader measure of stocks.