U.S. home sales fall
Sales of previously owned homes dropped 6.1% on the month in the U.S. in November, to an annual 4.93 million, data from the National Association of Realtors showed. The fall in sales was widespread, with all regions recording a drop. The reading was the lowest since May.
The association attributed the fall partly to low inventories, and also to limited interest by first-time buyers. The number of properties available for sale fell 6.7% to 2.09 million, the lowest since March.
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IAG expects Christchurch earthquake claims to rise
Insurance Australia Group expects claim costs relating to the earthquakes in the Christchurch area of New Zealand in 2010 and 2011 to rise by NZ$750 million and NZ$1 billion.
Claim costs are now expected to exceed the previous estimate of NZ$3.25 billion, the company said.
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