New home prices dropped in more Chinese cities in August

The latest data released from China shows that new home prices fell in more major cities during the month of August.

The National Bureau of Statistics announced on Friday that prices dropped from July in 52 out of 70 cities.

That was up three from 49 in July, suggesting that the price slump is spreading across China.

Major real estate firms have been seriously struggling. That is becoming a major concern for China's economy, which is recovering at a slower pace.