Forex News Preview: US New Home Sales for July due out at 10:00 AM EDT

10:00 AM EDT, US New Home Sales for the month of JulyEstimate: 525,000 versus 530,000 last month, -0.9% versus -0.6% last month The second of the US home sales releases is the New Home Sales report.  This measure is composed of 15-20% of the US home sale market. Like the Existing Home Sales data, sales pace has been hit hard.  In June, the annualized rate came in at 530,000 units. This is down 62% from the peak in July of 2005.   This month the expectation is for continued weakness. The level is expected at 525,000 which would be down 0.9% on the month (given no revisions).  The market will be looking for the month supply data.  Last month the supply of homes fell to 10 months from 10.4 months.  Although still elevated, it shows improvement and is indicative of the desire by builders to slow construction and discount houses to sell.