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Home sales dropped in February
Published in Saudi Press Agency on 26 - 03 - 2008


The number of single-family homes sold in the
United States fell for the fourth straight month in February and has
dropped nearly 30 per cent from a year ago, according to government
figures released Wednesday, according to dpa.
Home sales dropped by a seasonally adjusted 1.8 per cent from
January to February and 29.8 per cent from February 2007, according
to a joint release by the US Census Bureau and Department of Housing
and Urban Development.
A sharp decline in home sales and falling prices fuelled a record
number of foreclosures over the last year and sparked a wider
slowdown in the US economy.
Treasury Secretary Henry Paulson said Wednesday that the housing
crisis remained "the biggest downside risk to our economy" and said
that the government was working to limit the impact on other sectors.
Meanwhile, there were some signs of a turnaround amid a series of
drastic cuts by the Federal Reserve in its key interest rate.
The Mortgage Bankers Association said that refinancing
applications by struggling homeowners taking advantage of lower
mortgage rates surged 82 per cent over the last week. Home purchase
applications also rose on the week.
The National Association of Realtors (NAR) earlier this week said
that existing home sales - including townhouses and condominiums in
urban areas, unlike the Census Bureau estimate - rose unexpectedly in
February but were still off by 23.8 per cent compared to a year
earlier.
The NAR said it does not expect a sustained uptick in sales
figures until the middle of 2008.


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