A new report from the National Association of Realtors has found that home sales fell by more than 27 percent in July and were more than 25 percent lower than at the same time last year. Experts say the expiration of the home buyer tax credit as well as the weak economic recovery that has produced far fewer jobs than expected have brought about this result.
The news sent the stock market down, with the Dow Jones industrial average and the Standard and Poor’s 500-stock index ending the Tuesday session with a loss for a fourth straight day, according to The Wall Street Journal.
In response to these results, House Minority Leader John Boehner has called on President Obama to fire Treasury Secretary Tim Geithner.
"We have been told that the president’s economic team is ‘exhausted’ already, his budget director and his chief economist have moved on or are about to," Boehner said.
He added that "President Obama should ask for and accept the resignations of the remaining members of his economic team, starting with Secretary Geithner and Larry Summers, the head of the National Economic Council."
In response to the recent GOP criticism, Democratic National Committee released a Web video which warns Americans that the Republican leadership which has called for extending the Bush-era tax cuts for the rich will "take us back to the economic policies that nearly sank our economy," quoted by CNN.