MW: U.S. existing-home sales fall 3rd month in row
By Rex Nutting
WASHINGTON (MarketWatch) - Resales of U.S. homes and condos fell 0.6% in February to a seasonally adjusted annual rate of 5.02 million, the lowest level in eight months, raising doubts about the durability of the housing recovery, the National Association of Realtors reported Tuesday. Sales of existing homes have fallen three consecutive months after rising steadily through the fall in response to a federal subsidy for first-time home buyers. The tax credit has been restored and expanded to repeat buyers, but there has been no increase in sales yet. Inventories of sales on the market jumped in February, rising 312,000 to 3.59 million, the highest since September.
