US Existing Home Sales Decline for 3rd Straight Month

The sale of existing homes fell by 0.6 percent in February, marking the third straight month of declines. The poor result is causing worry that the potential for recovery is weaker than anticipated, despite efforts by the government to promote real estate sales through tax credits and other schemes.

“A number of housing markets may be stabilizing or starting to rebound, though we do not yet see, in many respects, a sustained nationwide recovery,” said Jeffrey Mezger, president and chief executive officer, of KB Home, which builds homes in 10 states. The company reported a $55 million quarterly loss on Tuesday.

Source: Associate Press

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