The Obama effect continues
Economists surprised as new-home sales fall to lowest level in nearly 50 years
In this photo made Feb. 22, 2010, a sold sign sits outside a new home in Houston. Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.(AP Photo/Pat Sullivan) (Pat Sullivan - AP)
By Dina ElBoghdady
Washington Post Staff Writer
Thursday, February 25, 2010
Sales of newly built homes unexpectedly plummeted in January to their lowest level in nearly five decades, providing more evidence of the housing market's fragility.
Purchases of new single-family homes dropped 11.2 percent in January from December to a seasonally adjusted annual rate of 309,000, the Commerce Department reported Wednesday. Sales fell in every region except the Midwest, and the raw number of new homes on the market rose for the first time in nearly three years.
washingtonpost.com
Economists surprised as new-home sales fall to lowest level in nearly 50 years
In this photo made Feb. 22, 2010, a sold sign sits outside a new home in Houston. Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.(AP Photo/Pat Sullivan) (Pat Sullivan - AP)
By Dina ElBoghdady
Washington Post Staff Writer
Thursday, February 25, 2010
Sales of newly built homes unexpectedly plummeted in January to their lowest level in nearly five decades, providing more evidence of the housing market's fragility.
Purchases of new single-family homes dropped 11.2 percent in January from December to a seasonally adjusted annual rate of 309,000, the Commerce Department reported Wednesday. Sales fell in every region except the Midwest, and the raw number of new homes on the market rose for the first time in nearly three years.
washingtonpost.com
