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Home Financing News

With more poor home financing data from the U.S. with new home sales across the country declined more than anticipated with 11.5% for the previous month to an annual pace of 460k, down from the forecasted pace of 520k according to the Commerce Department.

The month-over-month home sales decline marks the largest decline since November 2007, pushing the pace of sales to the slowest rate since January 1991. The median sale price of new homes fell 5.5% to its lowest level since 2004, dropping to $221,900, down from $234,900 in July.

The Census report follows the existing home sales report from the National Association of Realtors on Wednesday, which fell by 2.2%, more than anticipated, to a pace of 4.91 million sales

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