Credit, Economy and Financial News from TruckingFactor.com

New Home Sales Up in February

The Commerce Department said new home sales grew 4.7% in February, the first monthly gain since July - a sign that developers have slashed prices and construction so much that sales have bottomed. Nevertheless, builders still face competition from foreclosures and a huge backlog of unsold homes. Some analysts note that they want to see several months of increases before declaring the worst is over.

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Date Last Updated: 04/02/2009