New Home Sales Fall in December

Washington, DC, Jan. 26, 2012 -- New home sales unexpectedly fell in December for the first time in four months, marking the slowest year on record for builders, according to the Commerce Department.

Sales of single-family properties decreased 2.2% to a 307,000 annual pace.

Economists called for a rate of 321,000 home sales. Last year marked the worst year going back to 1963.