(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.
Copyright 2012 ABC News Radio
Paul Menser, BizMojo Idaho
Megan Marsden Christensen, KSL.com
Kathryn Vasel, CNN
Nate Eaton, EastIdahoNews.com