U.S. stocks slipped while safe-haven Treasury bonds gained as signs of deepening trouble in the housing market soured the outlook for corporate profits and the economy. The dollar rose against the euro, but fell against the yen as investors attempted to minimize exposure to risky assets amid lingering fears of a global credit crisis. The Dow Jones industrial average was down 56.74 points, or 0.42 percent, at 13,322.13. The Standard & Poor's 500 Index was down 12.58 points, or 0.85 percent, at 1,466.79. The Nasdaq Composite Index was down 15.44 points, or 0.60 percent, at 2,561.25.

Definition

Records sales of previously owned homes in the United States . This report provides a fairly accurate assessment of housing market conditions, and because of the sensitivity of the housing market to business cycle twists, it can be an important indicator of overall conditions at times when housing is particularly important to the economy.

While used home sales are not counted in GDP, they do affect the United States economy. Sellers of used homes often use capital gains from property sales on consumption that stimulate the economy. Higher levels of consumer spending may also increase inflationary pressures, even as they help grow the economy. The existing home sales report is not as timely as other housing indicators like New Home Sales or Building Permits. By the time the Existing Home Sales are recorded, market conditions may have changed.

The headline is the total value of properties sold.