Sales of new homes down to their lowest level in more than 12 years.
New-home sales declined 9 percent in November from October to a seasonally adjusted annual sales pace of 647,000, the Commerce Department reported Friday. That was the worst sales pace since April 1995. In the Midwest, new-home sales plunged 27.6 percent in November from October.
"I think you can classify what we are seeing in the housing market as a crash," said Mark Zandi, chief economist at Moody's "Sales and home prices are in a free fall. The downturn is intensifying."