Purchases of new U.S. homes unexpectedly declined in February to the slowest pace on record and prices dropped to the lowest level since December 2003, according to the Commerce Department.
Sales decreased 16.9 percent from January to a 250,000 annual pace, or registered a 28 percent decline year over year.The median price fell 8.9 percent from the same month, last year.
In addition, existing-home sales dropped 9.6 percent in February to a seasonally adjusted annual rate of 4.88 million from January, and are 2.8 percent below the 5.02 million pace in February 2010.
These number suggest that the US Housing Market may experience a Double-Dip going forward.That wouldn't be great for home owners or sellers...
If you, however,find yourself in a situation where you need to sell your Brooklyn house Fast, here is an important tip for you.
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