U.S. Existing Home Sales Dropped More Than Forecast
By admin on April 23rd, 2009
Sales of U.S. previously owned homes fell in March after jumping a month earlier by the most in more than five years. Purchases decreased 3 percent to an annual rate of 4.57 million, lower than forecast, from 4.71 million in February.
Record-low mortgage rates and a foreclosure-driven plunge in prices are making houses more affordable, helping the market stabilize following the biggest slump since the Great Depression.
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