Existing-home sales drop 27%, more than expected. Manufacturing activity in Virginia slows. Dell reportedly prepares a larger offer for 3Par after Hewlett-Packard's bid.
The National Association of Realtors said the expiration of homebuyer tax credits caused existing-home sales to fall 27% to 3.83 million in July from a revised 5.26 million in June. Economists had expected sales to fall to 4.75 million, according to Briefing.com. Sales of single-family homes fell to the lowest level in 15 years.