U.S. New-Home Sales Drop 11.2%

U.S. new-home sales unexpectedly fell in January, setting a record low and erasing all gains made in the market during the past year as the economy recovers from recession.
Demand for single-family homes fell 11.2% from the previous month to a seasonally adjusted annual rate of 309,000, the Commerce Department said Wednesday.
Economists surveyed by Dow Jones Newswires had estimated sales would rise 3.8%, to 355,000.
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