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    Default U.S new home sales at seven-year low

    U.S new home sales at seven-year low
    Last Updated: Thursday, September 27, 2007 | 12:09 PM ET
    CBC News

    Another sign of trouble in the U.S. housing market emerged Thursday as new home sales in August hit a seven-year low.

    The U.S. Commerce Department said sales of new homes fell by 8.3 per cent last month, as sales fell to a seasonally-adjusted annual rate of 795,000.

    The drop was worse than market watchers had been expecting. Economists had a consensus expectation for the August annual rate to come in at 830,000 new homes.

    The median sale price of a new home fell by 7.5 per cent year-over-year to $225,700. The decline was the largest in almost 37 years.

    The U.S. housing sector has been punished in recent months amid rising interest rates that have hit borrowers in the subprime mortgage market. Mortgage defaults and repossessions are rising, and financial institutions have tightened their lending practices.

    http://www.cbc.ca/story/money/nation...usnewhome.html
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