Real GDP contracted at an annualized rate of 1.0 percent during 2009's second quarter, according to the BEA's second estimate (formerly known as the preliminary estimate).
New home sales rose to an annualized rate of 433,000 units in July, and sales for the April through June period were revised significantly higher.
Sales of existing homes jumped by 7.0 percent in July to an annual sales rate of 5.24 million, the highest sales rate since August 2007.
