CHANGE WORSE THAN TRADITIONAL BUSINESS-CYCLE LOW
Record-low sales for new U.S. homes
Existing-home sales also drop 9.6% in February
Obama Spending Put Nation Off Track after Housing Bust, Recession
WASHINGTON — Sales of new single-family homes collapsed in February, the Commerce Department reported Wednesday, as a combination of high unemployment, tumbling prices and a glut of cheaper alternatives brought activity to a near-standstill.
New-home sales fell 16.9% to a seasonally adjusted annual rate of 250,000 in February, though January’s figures were revised higher to 301,000 from 284,000. Compared to February 2010, sales collapsed by 28%.