New homes sales: down, down, down

Dean Foust

Remember a couple of months ago when homebuilders were citing home sales data as evidence that the housing downturn had bottomed and stabilized? So much for that. The Commerce Dept. reported earlier today that new homes sales fell sharply – and unexpectedly in February – dipping to their lowest level in almost seven years. Sales of single-family homes fell 3.9% to a seasonally adjusted annual rate of 848,000.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.