Housing Is Still Hanging In There

By John S. McClenahen New home sales strengthened in February, suggesting that the once-hot U.S. housing sector has not cooled as much as economists have suggested. Sales of new single-family homes in February were at a seasonally adjusted annual rate of 1.163 million, 5.8% above the revised January rate of 1.099 million, the U.S. Commerce Department and the U.S. Department of Housing and Urban Development jointly reported on March 24. "Continued high levels of new mortgage applications suggest that sales will remain solid in March," says UBS Investment Research, New York.

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