Look Out Below!

From Holden:

I suspect the Dow will take it in the neck today.

New home sales fell again in July, according to the latest government reading Thursday on the closely watched real estate market that showed inventories of unsold homes continuing to rise and prices continuing to fall.

New homes sold at an annual pace of 1.07 million in July, according to the Census Bureau report, down from the 1.12 million pace in June, which was also revised slightly lower than the original reading.

Economists surveyed by Briefing.com had forecast the rate of new home sales would slip to 1.11 million in the most recent report.