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New economic data highlights positive direction

Published Thursday, March 26, 2009

Sales of new homes increased last month for the first time since July, the Dept. of Commerce reported yesterday, as sales of new one-family houses in February 2009 were at a seasonally adjusted annual rate of 337,000. While the February data is 4.7% above the revised January 2009 rate of 322,000, it is still 41.1% below the February 2008 estimate of 572,000, the Dept. of Commerce noted. According to the Wall Street Journal, the increase was fueled by higher activity in the South and West, where low prices on foreclosures and other distressed properties have ...

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