Sales of New U.S. Homes Slump to Lowest Level Since November

Purchases of new U.S. homes slumped in September to a 10-month low, disrupting a trend of steady improvement this year in the industry.

Sales dropped 11.5 percent to a 468,000 annualized pace and the prior two months were revised lower, Commerce Department figures showed Monday. The September rate, which included a record percentage decline in the Northeast, was weaker than all economists’ forecasts in a Bloomberg survey.  Read more