More bad news in U.S. Housing Market, U.S. Home Sales Fall 9 percent.

December 28, 2007 - Forex Economic News

New home sales in the United States dropped to lows not seen since 1995 in news released by the U.S. Commerce Department today. The Commerce Department report showed that new home purchases decreased 9 percent in November to a seasonally adjusted annual rate of 647,000, the lowest level since April of 1995. The median sales price of a new home in November was $239,100 which is a four month high but it is 0.4 percent lower compared to November 2006. Overall, new home sales are down 34.4 percent compared to a year ago, the biggest decline since 1991. The gloomy housing news today and the record home price drop in the Standard & Poors/Case-Shiller index reported on Wednesday have helped to push the U.S. dollar down against most major currencies. The EUR/USD pair was trading at 1.4719 just after noon EST in the U.S. trading session.

More Forex Trading Rates just after noon EST:

EUR/JPY 166.25
USD/JPY 112.95
AUD/USD 0.8739
USD/CHF 1.1276
GBP/USD 1.9930
EUR/GBP 0.7385
EUR/CHF 1.6596

Tags: Forex Rates, New Home Sales, US Housing Market---------------- Blog index