A set back for the U.S. housing market...

FOX's Jon Decker reports from the White House:

Just a week after the Fed raised interest rates, two new economic indicators point to a weak U.S. economy.

Existing home sales plunged 10.5% in November, the sharpest drop in five years. The National Association of Realtors blamed the decline on more regulations on lenders, higher prices, and shrinking inventories.

Meanwhile, the Commerce Department is reporting that a larger trade deficit weighed on the U.S. economy as it expanded at just 2% in the third quarter.

Economists are forecasting that growth in the final quarter will amount to around a 2.2% rate, helped by solid consumer spending.

At the White House, Jon Decker, FOX News.