Wall Street Suffers Drop

Business

0  Updated at 2:59 pm, June 21st, 2012 By: ABC Digital
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Hemera/Thinkstock(NEW YORK) — Stocks were down Thursday, with the Dow having one of its worst days in weeks.  The Dow closed down 251 points, while the Nasdaq lost 71 and the S&P plunged 31 points.

Worries about the economy here and in Europe are to blame, as well as a bleak manufacturing report for May.

A realtor’s trade group says sales of previously-owned homes fell one and a half percent in May. Sales are up nearly 10 percent from a year ago, but economists say they’re well below what we’d see in a healthy market.

This is a good time to buy a home if you can acquire a mortgage. Freddie Mac says 30-year fixed loans are down to an all-time low average of 3.66 percent.  Fifteen-year adjustable rate mortgages average about 2.95 percent, which is almost rock bottom.

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