House sales up in US as buyers find bargains

Sales of homes in the US unexpectedly increased in February as record foreclosures pushed down prices and lured first-time buyers into the market.

Purchases rose 5.1 per cent to an annual rate of 4.72 million from 4.49 million in January, the National Association of Realtors said yesterday in Washington.

The median price slumped 15.5 per cent from a year ago, the second-biggest drop on record, and distressed properties accounted for 45 per cent of all sales.

Stocks, already up after the Obama Administration unveiled details of a plan to buy up to US$1 trillion ($1.7 trillion) in troubled assets, extended the rally after the report.

To read the full NZ Herald story click here

Posted: 25 Mar 2009

News articles