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 US new home sales hit record low as cold weather bites

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US new home sales hit record low as cold weather bites Vide
PostSubject: US new home sales hit record low as cold weather bites   US new home sales hit record low as cold weather bites Icon_minitimeThu Mar 25, 2010 2:23 am
Sales of new homes in the US fell to their lowest level on record in February as the cold weather discouraged buyers, figures have shown.

Sales fell by 2.2% to a seasonally-adjusted annual rate of 308,000, down from a revised rate of 315,000 in January, the Commerce Department said.

It was the fourth consecutive monthly fall in home sales and a much lower figure than economists had expected.

Figures released on Tuesday showed existing home sales also falling.

"The housing market is really struggling to find its footing despite huge government support efforts. The near-term outlook for the housing market remains quite poor," said Zach Pandl at Nomura Securities.

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