Two reports due out Tuesday are expected to provide even more grim news for the U.S. housing market, as the recession and Wall Street turmoil reduce the number of willing home buyers.

At 10 a.m. EST, the National Association of Realtors issues its report on sales of existing homes in the U.S. for November. At the same time, the Commerce Department is scheduled to report on new home sales for last month.

Existing home sales are expected to fall 1.6 percent to a seasonally adjusted annual rate of 4.9 million units in November, down from October's total of 4.98 million units, according to the median forecast of economists surveyed by Thomson Reuters.

Meanwhile, new home sales are expected to dip 3 percent to 420,000 units from 433,000 units a month earlier, according to Thomson Reuters. October's new home sales were the lowest in nearly 18 years.

Builders such as Centex Corp., Pulte Homes Inc. and Hovnanian Enterprises Inc. have been caught with a glut of unsold properties over the past year as mortgages became harder to get and sales slowed. Developers have slashed prices, but many buyers remain on the sidelines, waiting and watching for bigger discounts.

"The deterioration in the economy has left consumers struggling with rising unemployment and depressed balance sheets, discouraging new home purchases," Barclays analyst Michelle Meyer wrote in a client note last week, adding that "it has been difficult for builders to compete with deeply discounted foreclosed homes."

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