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Tuesday 01st of June 2010
March 23, 2010    

NAR reports fall in US home sales

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by Kay Murchie
NAR reports fall in US home sales

The National Association of Realtors (NAR) has today revealed a further fall in sales of previously owned homes in the US for the month of February.

The industry body said sales fell 0.6% in the month to an annual rate of 5.02 million units (an eight-month low), down from 5.05 million the previous month.

February’s fall was the third consecutive month sales had declined and have raised concern that the market may be heading for a double dip in both activity and prices.

Lawrence Yun, chief economist for the NAR, comments: “Some closings were simply postponed by winter storms, but buyers couldn’t get out to look at homes in some areas and that should negatively impact near-term contract activity.”

He added: “Although sales have been higher than year-ago levels for eight straight months and home prices are much more stable compared to the past few years, the housing recovery is fragile at the moment.”

Meanwhile, Treasury Secretary Timothy Geithner, said: “The housing finance system clearly cannot continue to operate as it has in the past.” He said a fundamental reform is required, with “stronger regulation, more effective consumer protections and a clearer role of government with less risk borne by the American taxpayer”.

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