Thursday, Sept. 29, 10 a.m.
New homes likely sold at an annual rate of 650,000 in August, say the MMS economists. That decline is suggested by the 2.7% drop in single-family housing starts in the month. Home sales jumped 8.3% in July, to a 664,000 pace, but higher interest rates, especially for adjustable-rate mortgages, are beginning to crimp the housing upturn. Sales peaked in the fourth quarter of 1993.