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Latest Business News: New Home Ssales Hit Five-year High; Prices Soar

Wochit 1:09 mins

New U.S. home sales vaulted to a five-year high in June, while other data showed an acceleration in factory activity in July, boosting hopes of a third-quarter pick-up in economic growth. Showing no signs yet of slowing in the face of higher mortgage rates, single-family home sales increased 8.3 percent to a seasonally adjusted annual rate of 497,000 units, the highest level since May 2008, German bank Commerzbank has taken an unspecified impairment charge in its financial results on lending to the U.S. city of Detroit, but declined to say when it booked the writedown. Michael Dell, the company?s founder, and Silver Lake Partners have made their final move raising their bid by 10 cents a share and calling it their ?best and final? proposal. The latest reports say, however, that Dell?s board is pressing for another 25 cents a share in order to accept his terms.

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