AP Americans bought new homes in June at the fastest pace in more than eight years, a sign that a solid job market and low mortgage rates are bolstering the U.S. housing market. The Commerce Department said that new-home sales rose 3.5 percent last month to a seasonally adjusted rate of 592,000, the best level since February 2008. Purchases …

  Bloomberg Apartment construction in New York and San Francisco is taking its toll on landlords, with Equity Residential, the largest publicly traded U.S. multifamily owner, cutting its revenue forecast for the third time this year. Equity Residential expects revenue growth from properties open at least a year to be 3.5 percent to 4 percent in 2016, according to the …

  AFP Chinese mainlanders are underpinning high-end residential apartment rents in Hong Kong as expatriate housing budgets in the financial industry are being slashed, according to Savills Plc. Vacancies for luxury apartments remain low and budgets of HK$40,000 (just over $5,000) to HK$100,000 per month are the most popular, according to a note from the London-based real estate services company. …