Still waiting on Obama to get started on the economy as housing falls 4 months in a row.

[Danno 1,228]

New Home Sales Show Market Continues to Struggle

Published: Wednesday, 24 Mar 2010 | 11:24 AM ET Text Size

By: Reuters

Sales of newly built U.S. homes fell for a fourth straight month to a record low in February, but another rise in new orders for durable goods offered hope that the economic recovery remained on course.

AP

The Commerce Department said on Wednesday sales of new single-family homes fell 2.2 percent to a 308,000 unit annual rate from 315,000 units in January. Markets had expected sales to edge up to a 320,000 unit annual pace.

In a second report, the department said orders for long-lasting manufactured goods rose 0.5 percent in February, rising for the third straight month, and January's figures were revised sharply upward to show a 3.9 percent increase.

Markets had expected orders to gain 0.7 percent in February from the previously reported 2.6 percent rise. U.S. stock indexes slipped slightly on the housing report, while Treasury debt prices were steady at lower levels. The U.S. dollar was unchanged.

"The housing market is really struggling to find its footing despite huge government support efforts. The near-term outlook for the housing market remains quite poor," said Zach Pandl, U.S. economist at Nomura Securities International in New York.

The data came on the heels of report on Tuesday showing existing home sales fell for a third straight month in February while the supply of houses on the market jumped.

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Sales have barely responded to the extension and expansion of a popular tax credit, which boosted purchases in the second half of 2009, raising concerns over the fragile housing market's recovery just as a key pillar of support is being dismantled.

The Federal Reserve will end purchases of mortgage-related securities next week, which had lowered the cost of home loans to record lows.

A report by the Mortgage Bankers Association on Wednesday showed U.S. mortgage applications fell for a second straight week, with demand for home loan refinancing sinking to its lowest level in a month as interest rates jumped.

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http://www.cnbc.com/id/36015587

[Sofiyya 1,687]

Keep waiting. Job creation is only given lip service as a priority in this administration. We are on to amnesty as the next elusive right that must be fulfilled. Jobs aren't a right, btw. In fact, Pelosi believes we should quit our jobs and become artistes.

[Nagishkaw 510]

Keep waiting. Job creation is only given lip service as a priority in this administration. We are on to amnesty as the next elusive right that must be fulfilled. Jobs aren't a right, btw. In fact, Pelosi believes we should quit our jobs and become artistes.

WORD