CARLHAYDEN
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« on: March 25, 2010, 05:15:24 AM » |
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Sales of New U.S. Homes Dropped in February to Lowest on Record
By Bob Willis
March 24 (Bloomberg) -- Sales of new homes in the U.S. unexpectedly fell in February to a record low as blizzards, unemployment and foreclosures depressed the market.
Purchases decreased 2.2 percent to an annual pace of 308,000, figures from the Commerce Department showed today in Washington.
The new-home market is vying with foreclosure-induced declines in prices for existing homes in an economy where unemployment is forecast to average 9.6 percent this year, close to a 26-year high. Treasury Secretary Timothy F. Geithner yesterday said it would take a “long time” to repair the housing market as the administration takes steps to overhaul real-estate financing and regulation.
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