GRE Business Report: December 20th

GRE Business Report: December 20th

A look at the top business headlines.
Home sales fell in November for the third straight month, indicating that higher mortgage rates are halting the housing recovery. A new report from the National Association of Realtors showed that sales of previously owned homes slipped 1.2 percent to a rate of 4.9 million homes sold. Analysts say besides mortgage rates, tight supply of homes for sale and tight credit are other factors contributing to slowing sales. 

If you are a fan of traditional lighting, listen up. Starting January 1st, no more 40 watt or 60 watt incandescent light bulbs will be made or imported into the U.S. It is a result of an energy efficiency law signed by President George W. Bush in 2007. Stores can finish selling the light bulbs they have in stock. The 100 watt and 75 watt have already been phased out. 
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