New Home Sales Fall To Record Low

Bargain hunters may be snatching up distressed existing homes, but they still seem skittish of new homes, according to a report released Thursday from the U.S. Commerce Department. Sales of new homes nationwide plunged to the slowest pace on record last month. New home sales fell 14.7 percent in December to a seasonally adjusted annual rate of 331,000, from a downward-revised November figure of 388,000. December's sales pace was the lowest among records dating back to 1963.

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