New Home Sales Sink 11% Nationwide
It is no surprise that new home sales are way down. With prices of homes so far below cost to constuct, why would anyone build a new home?
Sales of new single-family homes in the U.S. sank 11% in January to a
seasonally adjusted annual rate of 309,000. It was an unexpected tumble that
sent sales to their lowest level since records began in 1963 and wiped out
much of the progress made in the last year. Economists surveyed by Dow Jones
Newswires had expected sales last month rose 3.8%. Sales in December fell
3.9%, revised from an originally reported 7.6% decline
Read the complete WSJ article: http://online.wsj.com/article/SB10001424052748704240004575085232728239148.html?mod=djemalertNEWS
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