U.S Home sales plummet to 9-month low, biggest decline in 3 years

Sales of new U.S. homes plummeted 13.4% in July to an annual rate of 394,000, their lowest level in nine months, the Commerce Department said Friday. It was the biggest decline in new home sales since May of 2010, more than three years ago. The government also revised sharply lower its estimate for new home sales in the months of May and June.