Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Friday, August 18th, and I'm your host Julie Morgan.

U.S. Home Sales sees the first monthly slump since April,

while long-term mortgages exceed 7%.

A Chinese property developer files for Chapter 15 bankruptcy protection in the U.S.

And CVS attempts to calm investors after the company loses a major contract.

Here's what's making headlines today.

U.S. home sales in July experience the first monthly decline since April, according to

remax holdings, as the supply of homes for sale increased alongside interest rates.

Home sales slumped 14.7% from June and 16.1% from a year before,

coinciding with new listings dropping 9% month over month and 26.7% year over year

across the 50 metropolitan areas that Remax surveyed.

Even so consumer demand for housing remained strong.

Inventory gained 3.1% in July and lacked 20.8% from July of last year and the median sales price stayed elevated at 425,000 down less than 1% month over month and up 1.2% year over year.

Meanwhile, long-term mortgages exceeded 1.2% year over year.

Meanwhile, long-term mortgages exceeded 7% this week

as the economy continues to do better than expected.

This according to the Freddie Mac primary mortgage survey.

30-year fixed rate mortgages average 7.09% as of August 17th,

up from last week when they average 6.96% and 5.13% in the year ago period.

15-year fixed rate mortgages average 6.46% up from last week when they average 6.34% and 4.55% a year ago.

Struggling property developer China Evergrand has filed for Chapter 15 bankruptcy protection in a Manhattan bankruptcy court.

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