(NEW YORK) – Economists said ahead of reports this week that home sales and durable goods orders most likely increased in July, indicating that the country is beginning to strengthen after a slowdown in the second quarter, Bloomberg News reports.
The median forecast in a Bloomberg survey showed that combined purchases of new and existing houses rose from a 4.72 million annual rate in June to a 4.89 million annual rate in July. Another report may show that bookings for long-lasting goods climbed the most this year, the news agency says.
Less expensive properties and record-low mortgage costs are bolstering a sagging real estate industry that helped trigger the national recession, according to Bloomberg.
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Ivaylo Vezenkov and Lauren del Valle, CNN
Matt McFarland, CNN
Jackie Wattles, CNN