From the Commerce Dept. and the Washington Post:
Sales of new homes plunged to a record low in January, underscoring the challenges facing the housing industry as it tries to recover from the worst slump in decades.
The Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century. The big drop was a surprise to economists who had expected sales would rebound to an annual rate of 360,000 units.
“Despite the mixed performance at the start of the year, the outlook for growth in housing activity remains positive,” Commerce Under Secretary Rebecca Blank said. “Americans continue to recognize that this is a good time to buy a home. Mortgage rates are low and the Administration's decision to extend the tax credit through April provides attractive opportunities for buyers in the coming months.”
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