New Homes Slump Worsens

More alarm bells for the stumbling housing market rang as a government report on new home sales showed a bigger-than-expected drop in sales, along with a continued rise in unsold homes and a further weakening of prices in the closely watched sector.

New homes sold at an annual pace of 1.07 million in July, according to the Census Bureau report, down from the 1.12 million pace in June, which was also revised slightly lower than the original reading.

The pace of new home sales is now down 21.6 percent from year-earlier levels, with every region of the country showing double-digit percentage declines compared to July 2005.

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Home Sales Plunge in July

Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a record high, fresh signs the housing market has lost steam.

The National Association of Realtors reports that sales of existing homes and condominiums dropped by 4.1% in July from June to a seasonally adjusted annual rate of 6.33 million. That was the lowest level since January 2004.

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Home Inspectors  

Home inspectors can be a real asset in the biggest financial transaction of your life. How can consumers make sure to avoid any "bad apples?"  

Bad apples exist in every industry — and home inspection is not immune. Unfortunately, home inspection is not regulated consistently across all states within the nation. There are also schools and Internet sites that offer credentials that make it appear that a home inspector is qualified. For example, recently a web site popped up offering to "certify" anyone as a Master Inspector for $175.  

The home inspection profession is a demanding profession that requires a broad base of knowledge in all areas of home construction, maintenance and safety issues.  

Find out more about home inspections…

Homeowners Continue To Tap Equity  

Many US homeowners continue to take cash out of their homes even as mortgage rates climb and home sales slip, helping to brace the economy, economists said.  

This year, Americans who refinance their mortgages are expected to draw $257 billion of wealth out of their homes, according to mortgage finance giant Freddie Mac.   That's $13 billion more than the refinancing cash-out seen in 2005 — the hottest year of the recent housing boom.  

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Energy Efficient Homes  

Many homeowners are scrambling to pay utility bills and trying to find ways to reduce power consumption. For those considering home improvement projects, there's an abundance of new techniques and products that can be used to create a more energy-efficient home.  

New home builders too, are incorporating many innovative methods to reduce the amount of power their buildings consume.   The need just grew even more critical this week after a pipeline leak at Prudhoe Bay took 8 percent of the nation's petroleum-production capacity off line, probably for several months.  

Find out how to reduce your utility bills…