Consumer Spending Gains, Home Sales Fall

August 26 2007 Bloomberg.com Consumer spending in the U.S. picked up in July while mortgage sales fell, a sign income gains are sustaining demand even as the housing recession deepens, economists said before reports this week. The forecast decline in sales of previously owned homes would be the fifth straight drop reported by the National Association of Realtors. Higher borrowing costs and stricter lending standards are making it more difficult to qualify for loans, causing a rise in the number of unsold homes and pulling prices lower.

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