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Home sales in Canada were down 20 per cent in September from the record highs of last year in what the chief economist of Canada's main real estate industry group described Friday as a trend that will continue well into next year. The Canadian Real Estate Association (CREA) said Friday that 33,913 homes were sold in September, up three per cent from last month and the most since May. But sales were still significantly lower than the 42,431 recorded last September, when buyers flocked to the market as the economy showed signs of recovery from the recession. "They were pretty strong year-ago numbers, so that's to be expected," CREA's chief economist, Gregory Klump, said of the drop in comparative numbers. However, he noted that this September's sales reflected similar sales for the month in 2006, 2007 and 2008. Prices were little changed from last year at $331,089. Unfavourable year-over-year comparisons are expected to continue into the second quart

The economic outlook for nine U.S. Midwest and South-Central states slumped for a third consecutive month in August, pointing to slower growth as the potential for a double-dip recession rises, according to a survey of supply managers released on Wednesday.   Creighton University's Business Conditions Index fell to 55.8 in August from 60.8 in July. A reading of 50 is considered growth neutral, while readings above that signal expansion over the next three to six months.   Just over a third of the survey's respondents said it was likely or very likely the U.S. economy will slip back into a recession in 2011, while 44 percent said there was a 50 percent chance of that happening. Still, the Mid-America region looks stronger than the national economy, said Creighton University Economics Professor Ernie Goss. "Over the past several months, for example, the region has been adding jobs at a very healthy pace while U.S. job growth has been nil," he said in a statement.