New home sales slide for 5th straight month

For the fifth month in a row, fewer Americans signed contracts for new homes. The seasonally adjusted new home sales index dropped to  -0.6 to 102.1, the lowest level since December. A contributing factor was the 16 day federal shutdown when the IRS was not able to verify incomes. Rising interest rates, the increasing cost and uncertainty about health care, and the and rising home prices may also have been factors. There is evidence to suggest the housing recovery is stalling at this time.