AP - Metals prices fell Wednesday after fresh signs of weakness in the U.S. housing market raised concerns about the economy.

AP - BIG DROP: Sales of new homes fell to lowest level on record in May as potential buyers stopped shopping for homes once they could no longer receive tax credits.

AP - Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives, according to a report Wednesday from the Mortgage Bankers Association.

AP - Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits.

AP - Borrowers with mortgages modified under the federal government’s foreclosure prevention program are more likely to stay current than those with other modifications, a report Wednesday showed.

Reuters - Sales of new homes dropped a record 32.7 percent in May to the lowest level in at least four decades as the boost from a popular tax credit faded, adding to worries of a slowing economic recovery.

U.S.

AP - Asian stock markets fell in early trading Wednesday as an unexpected drop in U.S. existing home sales sparked worries over the pace of a recovery in the world’s largest economy.

Investor’s Business Daily - Home resales unexpectedly fell in May despite low interest rates and a tax credit aimed at boosting demand, an industry group said Tuesday, heightening worries about the strength of the U.S. economy as the Federal Reserve began a two-day meeting.

AP - A smaller turnout by homebuyers in the Northeast was the main reason national sales of previously occupied homes fell in May.