New-Home Sales Fall; Biggest Drop Since 1995
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New-home sales fell more than expected in November, tumbling 9 percent from October to a seasonally adjusted annual rate of 647,000.
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Sales of new U.S. homes were unexpectedly weak last month, although they climbed off an 11-year low, and orders for long-lasting goods fell, according to data Thursday that underscored the economy's weakness.
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Retail sales in June posted their biggest drop in nearly two years, according to government data on Friday, indicating the housing slump and soaring gasoline costs are depressing consumer spending.
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Sales of new single-family homes plummeted a record 26 percent in 2007 and builders slashed prices by the most since 1970 in a struggle to cope with a housing bust, a government report showed on Monday.
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Depressed by turmoil in credit markets, existing home sales fell 4.3 percent, pushing activity to the lowest point in five years, the National Association of Realtors said.
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Sales of new homes plunged last month to their lowest level in more than 12 years, a grim testament to the problems plaguing the housing sector.
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Ground-breaking on new U.S. homes last  month fell to the slowest pace since 1991 and fewer building  permits were issued than any time since 1993, according to  government data released Thursday that points to a deepening  housing crisis and heightened risk of recession.
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NEW YORK -- U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the group said Tuesday.
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The slump in home prices was both deeper and more widespread than ever in the fourth quarter, according to a trade group report Thursday. Year-over-year, it was the biggest drop on record, said the National Association of Realtors. But David Lereah, the group's chief economist indicated the worst may be over. "When we get the figures for this spring, I expect to see a discernable improvement in both sales and prices."
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WASHINGTON -- The prolonged slump in housing pushed construction of new homes in 2007 down by the largest amount in 27 years with the expectation that the downturn has further to go.
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Sales of new U.S. homes again defied  predictions of a slowdown in May and rose 4.6 percent, but  median sales prices fell and the U.S. Northeast experienced its  slowest sales tempo in nearly two years, according to a  government report on Monday.
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Business & money: Numbers of buyers unable to purchase first home slump to the lowest level since 1980
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Sales of new homes hit a 12-year low, falling short of even the most skeptical Wall Street estimates.
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Sales of new U.S. homes tumbled at  the sharpest rate in more than a decade in November, the  government said on Thursday, but a separate report showed   consumers' mood still buoyant as a close to 2004 neared.
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Home sales and prices will fall at a faster pace in 2007 than originally expected, a leading U.S. real estate trade association said on Wednesday.
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Marking the worst sales year on record, new home sales dropped by 26.4% last year to 774,000.
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Sales of new U.S. homes tumbled at the sharpest rate in more than a decade in November, the government said on Thursday, but a separate report showed  consumers' mood still buoyant as a close to 2004 neared.