New home sales plunged in February to record low

Bloomberg Businessweek
March 24, 2011
COMMERCIAL, RETAIL, FABRICATION

The number of people buying new homes plunged in February to the fewest on records dating back nearly half a century, a dismal sign for an already-weak housing market.

New-home sales fell 16.9 percent last month to a seasonally adjusted annual rate of 250,000 homes, the Commerce Department said Wednesday [March 23]. It's the third straight monthly decline and far below the 700,000-a-year pace that economists view as healthy, according to a March 23 AP report in Bloomberg Businessweek.

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