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New-Home Sales Dropped 3.9% in February
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New-home sales slid 3.9 percent, to an annual rate of 848,000 units, the lowest since June 2000, from a downwardly revised pace of 882,000 in January, the Commerce Department said. Sales for November and December were revised down as well.
It was the second consecutive monthly decline and the second consecutive month that sales came in lower than Wall Street expected. The consensus forecast had looked for sales to rise to a 985,000-unit pace.
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