New home sales post 14.7 percent drop in December (AP)

A lot for sale sign is posted near some new homes, Thursday, Jan. 22, 2009, in Lebanon, Ohio. Sales of new homes plunged 14.7 percent in December to the slowest monthly pace on record as the hobbled homebuilding industry posted its worst annual sales results in more than two decades. (AP Photo/Al Behrman)AP – The homebuilding industry’s nosedive won’t let up. Sales of new homes plunged to the slowest pace on record last month and builders posted their worst annual sales results in more than two decades.

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