Headline: A big miss at 298K seasonally-adjusted annual rate versus 315K expectations. June was revised down 10K to 300K.2011 is shaping up to be the worst year on record.
Months of supply held steady at 6.6 months.
Despite the miss, the Dow is near session highs with 1% gains.
Expectations: 315K seasonally-adjusted annual rate, up 3K from July.
Analysis: Still far from the 700K annual rate needed for a healthy market. New homes represent one fifth of housing sales, but have an outsized economic impact.