New Home Sales Worst On Record

New home purchases for December came in at an annual pace of 331,000, the lowest level on record. Only 23,000 Americans bought new homes in December. Supply of new homes is at 12.9 months. This news follows another report earlier this week on Existing Home Sales that showed an unexpected rise of 6.5% for December, and a 2008 drop in Existing Home Sales of -13%.