Home Resales Remain Depressed
Author: Alan Zibel; Jeff Bater</br></br>Sales of previously occupied homes in the U.S. sank by 9.6% in February and prices fell to the lowest level in nearly nine years, indications that the market remains depressed.</br></br>Existing-home sales decreased from a month earlier to a seasonally adjusted annual rate of 4.88 million, the lowest level since November, the National Association of Realtors said Monday.</br></br>The results were worse than forecast. Economists surveyed by Dow Jones Newswires had expected home sales to decline by 3.9% to an annual rate of 5.15 million.</br></br>The results called into question whether the U.S. housing market is recovering or falling further.