US housing slump sparks fears of double-dip recession
The global economic crisis is back where it started: in the US housing market.
Numbers released on Wednesday show the industry is in worse trouble than expected, which is slowing down recovery. Sales of new homes in America tumbled to their lowest pace on record in July. It is a double blow coming on top of news on Tuesday that sales of existing US homes suffered a similar slide.
It all raises questions about whether the economy could still get worse.
Katty Kay reports.