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clipped from www.marketwatch.com
ECONOMIC REPORT
February's inventories of unsold houses at a 16-year high
New-home sales fall to seven-year low
WASHINGTON (MarketWatch) -- Sales of new homes unexpectedly dropped in February to the lowest level seen in nearly seven years, while inventories of unsold homes rose to a 16-year high, suggesting that the nation's housing market was softening heading into the vital spring buying season.
Sales of newly constructed single-family houses unexpectedly slowed again in February, falling 3.9% to a seasonally adjusted annual rate of 848,000, the lowest level since June 2000, the Commerce Department reported Monday. Sales were down 18.3% compared with February 2006. Read the full report.
"Housing still has some distance to fall," wrote Phillip Neuhart, an economist for Wachovia, in a research note.
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