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| Sales of new US homes in decline | Sales of new US homes in decline |
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| Sales of new US homes fell in June for the largest amount in five months as housing market woes continued. | |
| Sales sank 6.6% to an annual rate of 834,000, according to figures from the US Commerce Department. | Sales sank 6.6% to an annual rate of 834,000, according to figures from the US Commerce Department. |
| This was more than triple what was expected and comes as banks start to tighten their lending rates in the wake of rising defaults. | |
| US consumers, hit by rate rises, are waiting for further house price falls before they buy, analysts say. | US consumers, hit by rate rises, are waiting for further house price falls before they buy, analysts say. |
| Prices of newly-built homes fell 2.2% last month to $237,900 (£116,202) as house builders continued to offer heavy incentives to shift stock. | |
| The disappointing numbers come a day after data was published showing sales of existing homes in the US during June fell to the slowest pace since November 2002. | |
| "It is a continuation of a downtrend - the decline was more than many people had expected," said Kevin Logan, an economist at Dresdner Kleinwort. | |
| "What it is telling us is that the overall slump in the housing market is deeper and is likely to be more prolonged than many people had anticipated." |