Sales of previously owned homes in the United States dropped 0.9 percent in February, according to a report released Wednesday, disappointing economists.
Homes were sold at a seasonally adjusted annual rate of 4.59 million, compared with 4.63 million in January, according to a report from the National Association of Realtors.
The number indicates that roughly five years after the housing bubble burst, the real estate market’s road forward remains bumpy. Many economists had thought that with mortgage rates near record lows and the job market improving, existing-home sales would rise. But they were wrong.
Many homeowners still owe more than their houses are worth. The share of underwater mortgages is at its highest level since 2009, according to a report released this month by CoreLogic. There are 11.1 million homeowners underwater, accounting for 22.8 percent of mortgages.
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