US New Home Sales Plunge to New Lows
New Home Sales in the US declined in February to a new record low and prices fell to the lowest in more than seven years which is another sign that the housing market continues to feel the weight of the financial crisis of 2008.
Sales sank 16.9% from a month earlier to a seasonally adjusted annual rate of 250,000 in February, according to the Commerce Department. The previous record low of 274,000 was set last August.
Economists surveyed expected the sales rate would rise 2.1% to an annual rate of 290,000. Sales were down 28.0% from February 2010.
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