Existing-home sales fell 1.2 percent in May, despite falling mortgage rates. The National Association of Realtors said resales of single-family homes totaled a seasonally adjusted annual rate of 3.29 million, down from 3.33 million in April. The April sales were down 2.1 percent.
NVR said it won a one-month extension of a $249 million line of credit from banks that provide working capital for the McLean-based home builder. NVR has been struggling with a heavy debt load and a slow real estate market. Terms of the loan extension were not disclosed.
Wrangler Jeans factories in Orange, Elkton and Shenandoah, Va., will close Aug. 21, resulting a loss of about 460 jobs, a company official said. Wrangler plants in Madison County, Luray and Woodstock will continue to operate. Slumping sales due to the fading popularity of jeans is responsible for the closings, the official said.
Foxboro, a Massachusetts- based maker of manufacturing equipment, agreed to be acquired by Siebe PLC, a British security systems engineering group, for $656 million.
International Lease Finance Corp., a major aircraft leaser, has agreed to be acquired by American International Group Inc. for $1.3 billion to gain the financial backing of the insurance giant. AIG also will provide ILFC with $125 million in financing as part of the deal.
Three consumer advocacy groups asked the government to recall 300,000 Jeep CJs they claim are 20 times more prone to rollovers than the average car and have caused more than 1,000 deaths.
United Airlines has asked the U.S. Department of Transportation for authority to serve Madrid and Manchester, England, from Dulles International Airport.