Data this week will show U.S. home sales and orders for long-lasting goods fell in August
Marla Guthrie
Sep. 21, 2008

Combined sales of new and existing homes dropped to a 5.40 million pace last month, down 1.4 percent from July, according to market expectation surveys.

U.S. home sales and orders for long-lasting goods probably fell in August, indicating growth had already slowed heading into the latest financial meltdown, economists said before reports this week.

Unfortunately, the government's bailout plan may be great for investors and incompetent risk managers who acted like gamblers, but it doesn''t do much for the economy over the near-term,

The National Association of Realtors'' report on home resales is due Sept. 24. Purchases declined to a 4.92 million annual pace from 5 million in July, according to the market expectations. Sales reached a 4.80 million pace in June, the lowest since comparable records began in 1999.

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