New-home sales down 3.9% in February.WASHINGTON Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. -- Sales of new single-family homes fell 3.9% in February to a seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. annual rate of 848,000, the lowest level since August of 2000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. figures released Mar. 26 by the U.S. Commerce Department. The February fall-off followed downward revisions to the sales rates for the three previous months, Three out of four regions posted declines in new-home sales in February. Sales were down 26.8% in the Northeast, 20% in the Midwest and 7% in the South. Seiders noted that the 24.6% gain in the West is Largely attributable to an unusually low reading in January. "Lending standards apparently are tightening not only in the subprime market but in other components of mortgage lending as well, and this is creating tremendous uncertainties regarding the near-term outlook for home sales and housing production," said National Association of Home Builders The National Association of Home Builders (NAHB) is one of the largest trade associations in the United States. Headquartered in Washington, DC, the association organizes one of the largest conventions in North America, The International Builders' Show, which draws more than Chief Economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the David Seiders. "The Federal Reserve's recent statement that there is an ongoing adjustment in the housing sector appears fight on target." |
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