The US housing market has slumped to an almost 30-year low as the problems that began with the collapse of the sub-prime mortgage market continue to spread. Daily Telegraph

The number of new houses remaining unsold and on house builders’ books rose to 11 months worth of normal supply, its highest level since September 1981.

The figures, from the US Commerce Department, highlight the growing stagnation in the American housing market, which appears to be worsening as the backlog continues to grow.