New home sales soar 16%; Dow slides 84 points
CBS News
Transcript
[Music] investors remain focused on the housing market today with a report on home resales for April on Thursday we learned new home sales soared 16% last month thanks to the biggest drop in home prices in 37 years the average price of a new home fell 11% last month to just over $229,000 meantime it's getting more expensive to finance that American Dream mortgage rates reached a 7-month high this week the average rate on a 30-year loan jumping to 6.37% that is up from 6.21% last week while the rate on a 15-year loan now sits at 6.06% on Wall Street stocks had their worst day in two weeks as investors brace for a possible rate hike from the fed the Dow slid 84 A5 points while the NASDAQ deposit tumbled 39 soon over the phone and the Internet won't be the only way you can via Dell computer beginning next month the PC maker will start selling computers at Walmart it's an historic shift away from its direct marketing strategy andell says it needs to regain market share lost to hulet Packard Connecticut's attorney general is suing Best Buy accusing the nation's largest electronics retailer of a bait and switch scam the suit says Best Buy denied customers deals found on its website and instead charge them higher prices listed on a lookalike site that could be accessed only from inside its stores Best Buy had no comment on the lawsuit and that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus