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US new-home sales plunged 8.9 percent in October

US new-home sales plunged 8.9 percent in October

The report adds to the evidence that the U.S housing market has stalled after years of prices climbing faster than incomes. The affordability pressures were offset by historically low mortgage rates, but the borrowing costs for homeowners shot up after President Donald Trump signed deficit-financed tax cuts into law at the end of last year. Sales of existing homes have tumbled 5.1 percent this year, the largest annual drop recorded by the National Association of Realtors since July 2014.

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