U.S. Economy: Home Sweet Home

Sales of new single-family homes in the U.S. last month were at a seasonally adjusted annual rate of 1.316 million, a monthly record, according to data jointly released May 25 by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development. April's rate was two-tenths percent above March's revised rate of 1.313 million and 13.3% higher than April 2004's rate of 1.162 million.

"Sales in the northeast jumped 37% to a record high of 211,000 units," notes Merrill Lynch & Co., New York. "Housing remains hot as low interest rates continue to fuel demand."

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