Sales of formerly owned U.S. homes have taken a record fall in July to their most sluggish rate in 15 years, highlighting the struggle of housing industry to strengthen its market without any help from the government.

The report came from National Association of Realtors (NAR) on Tuesday, which signifies data worse than market anticipations, was the newest statistics that specified economic activity persisted to loosen over the third quarter of the year.

Moreover, the NAR stated that overall profits were at their lowly since it began the existing-home market statistics series back in 1999, with one-family house deals that account for most production at their lowest since 1995. Also, Association chief economist Lawrence Yun said that general sales were the weakest since 1995.

Furthermore, Chicago Federal Reserve President Charles Evans warned the threats of a double-dip slump were greater than six months ago, as the depressing sale statistics came. He also suspected that production will essentially shrivel but upturn will be modest.

Meanwhile, Paul Dales, a U.S. economist at Capital Economics in Toronto stated that it is becoming obviously clear that the housing industry is deflating the presently wavering wider economic upturn. With double-dip prices of home becoming remarkably inevitable, things might get a lot worse.

Existing home incomes plunged a record 27.2 percent from June to a yearly rate of 3.83 million units. Also, sales from June modified drop to a 5.26 million-unit rate from an earlier report of 5.37 million.

Last month, financial industry had anticipated sales to decline only 12 percent to a 4.70 million-unit pace. The conclusion of a popular home-purchaser tax credit that had maintained sales and home-structure action persists to bother the problematic housing-market.

Also, the rate of insuring the U.S. home-manufacturers’ debt increased. The U.S. dollar declined to a 15-year low in opposition to yen and plunged against the euro.