Hobbs
04-24-2007, 09:45 AM
April 24 (Bloomberg) -- Sales of previously owned homes in the U.S. declined more than forecast in March to the lowest level in almost four years, delaying housing's recovery from a slump that's shown some signs of reaching bottom.
Purchases dropped 8.4 percent last month to an annual rate of 6.12 million, from 6.68 million in February, the National Association of Realtors said today in Washington. Sales fell 11.3 percent compared with a year earlier.
The decline in sales, while partly weather related, may renew concern that the housing recession will linger and put at risk the Federal Reserve's forecast for moderate economic growth. Subprime mortgage defaults are rising, and owners' reluctance to reduce prices may keep more unsold properties on the market.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aesO8EJYxVUo&refer=home
Purchases dropped 8.4 percent last month to an annual rate of 6.12 million, from 6.68 million in February, the National Association of Realtors said today in Washington. Sales fell 11.3 percent compared with a year earlier.
The decline in sales, while partly weather related, may renew concern that the housing recession will linger and put at risk the Federal Reserve's forecast for moderate economic growth. Subprime mortgage defaults are rising, and owners' reluctance to reduce prices may keep more unsold properties on the market.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aesO8EJYxVUo&refer=home