Purchases of U.S. Existing Homes Probably Decreased in June

Sales of U.S. previously owned homes probably fell in June for a second month, adding to evidence the market will slump as the effects of a government tax credit fade, economists said before a report today.

Purchases dropped 9.9 percent from May to a 5.1 million annual rate, according to the median of 74 forecasts in a Bloomberg News survey. Other reports may show the outlook for economic growth cooled and claims for jobless benefits rose.