This is MarketWatch news break money news from Wall Street to main street to your street I'm John --
And I'm in -- ahead on the show the latest on the housing market I'm Tracy Johnke new home sales dropped to a record low in July. I talked to economist David wrestler about what's next.
It simply gonna take a long time correction to take place and I'm not talking one or two years and another. --
Why buy another television you may be able to watch live TV on your iPad I'm Charlie turner and all have that story coming up and and you will have the daily news nugget and we'll talk about old people who are really old I understand Bruce Springsteen is involved yes you. And all that after these headlines.
I'm Steve Potisk in the MarketWatch radio network newsroom on Wednesday August 25. There's more proof -- housing market recovery could be some way away just today after a dismal report on July pre owned home sales we get word that new home sales plunged. Twelve and a half percent in July to a record low. As that federal tax credit expired and the drop in sales means home inventories are rising up to a better than nine months supply we'll have more on the report coming up. Here in MarketWatch news break now have mortgage rates hovering around historic lows loan demand is on the rise as homeowners to refinance. The Mortgage Bankers Association says for the fourth straight week mortgage applications rose up nearly 5% in the past week. Refinancing led the advance for requests for purchase loans actually drifted slightly higher. It yet another sign the recovery is anything but dynamic orders for big ticket durable goods rose an anemic three tenths of a point last month. A fraction of the 3% increase expected orders for airplanes rose but it did take them out everything else that businesses and consumers by. Fell almost 4%. I'm Steve Potisk and you're listening to MarketWatch news break.
If you're thinking of buying another television for the home you might not need one maybe the iPad will do the job just fine. The TV industries had its eye on tablet computers and Verizon Communications has unveiled a new application that will allow customers to watch live TV shows and movies on Apple's iPad. If Verizon's dep begins next year as planned. Verizon -- TV subscribers can watch live TV on their high pants at home and channel surf using the touch screen. The app is called what's hot and it allows an iPad user depict the program I wanna view from a display of live shows that are popular with local audiences. Since it's live TV news and sports would also be available. The big obstacle to the new at this convincing TV channel operators that it's a good idea. They wanna get paid for their content though Verizon doesn't plan to charge customers extra for iPad dealing. Initially the service would be available for watching only in the subscribers home. Verizon says it also plans to make the what's hot app available to other tablets as they come out for MarketWatch news break I'm Charlie turner.
And now two more facts you didn't know the fact one hydrogen is the most abundant element in the universe. Back to. -- can also help you with renters insurance and that's important. Because when you rent the building itself may be insured. Your possessions are not. So Geico can help you make sure you're really covered for all the details visit Geico dot com. No the second most abundant thing in the universe. Commercials.
I'm Tracy -- it sure looks like the home buyers to ventured out during the tax credit have all but disappeared. As you just heard new government figures showed new home sales dropping twelve and a half percent in July. Two record low. And joining me talk about these numbers is David wrestler he's the chief US economist at Nomura securities in New York City thanks for joining today to be here. When you look at these housing numbers and as an -- taxis onto the existing home sales numbers and -- to Levy getting happens well iPad.
Did we see better numbers in the new home sales report and -- yesterday because the new home sales. We took the hit from the expiration. That's. Backed by anybody who signed a contract in. For a new home. Under the homebuyers tax credits for the despaired. In May that we had a big drop in May that this is a drop the puts it even below -- now revised may level.
Is Leo -- telling though yesterday when you saw the Japanese listing homes sales. The biggest job. On record there of of stock market reacted rather poorly to that after the report today on new home sales stock market markets actually. Improving on its opening losses is there's some hope perhaps that they can't get any worse.
Yeah I think that might be about the only basis for hope because. We're we're selling. So few homes now that. You can't really like much more the problem is that you're not selling new homes you're also not that providing much incentive to builders to build new homes. And that they're not building them they're not hiring workers to put them then. In comes from construction activities.
Where so look at vicious or car how can we gather that.
Well and unfortunately. I think it's simply going to take time. That we believe we believe that that's been the case and this mess started a couple of years ago. It. Gonna take a longer time than we've spent so -- Too many councils have too much debt and too much debt relative to their assets and relatives and and until that. Corrects itself. They're not going to be unique position to borrow and and it's simply gonna take a long time that -- that take place and I'm not talking one or two years and another. --
David wrestler Nomura securities thank you very much thank -- and now the daily news nugget usually can use the water cooler.
So and what the little intriguing nugget of information do you have for us today that we can use around the water cooler hang -- in the water cooler sound. Listen boom boom. Boom boom so what what do having.
ARP. The the retirement again should call it organization. A lot of magazines have gone under during the recession most notably gourmet for example but ARP the magazine. Generated almost 24 million dollars in advertising in the second quarter that's up 14%. It's also the largest publication by circulation in the US so it's going great guns and they say that's because. Today's a baby boomers who the magazine taking aim Matt our like previous generations are not. Perhaps is resistant to technology and things like that so. The idea of -- people who are approaching retirement age are more vibrant than I guess in generations past. Human interest -- may be because they're exercising more somewhere on exercising more if I think working longer things like that so as a result they've had a Bruce Springsteen on the cover. Valerie for finale and other people who are at the young and of the baby.
Marines and Valerie Burton -- she and I are really good friends you and every American males. I had her in my bedroom you know. The -- a poster yes yes exactly that's what I was meaning he would have a fair Fawcett poster. No no actually I didn't have any posters I had a poster of Pelé the soccer stuff. Okay here and Phil Simms the quarterback of the New York football giants. And I am so that's me boring. And hang out and Kate's with the daily news nugget part of MarketWatch news break Monday through Friday any time at marketwatch.com. Slash podcast. Thanks and thank you I'm John word on -- we're out of here.
