The Commerce Department Reported New-Home Sales Fell 16.9% I

Financial News Network
March 23, 2011 AT 8:16 PM
The Commerce Department reported sales of new single-family homes collapsed in February. New-home sales fell 16.9% to a seasonally adjusted annual rate of 250,000.New-home sales were revised higher to 301,000 from 284,000 in January.Every region but the West saw record lows, and sales dropped by 50% in the Northeast.