February Home Sales Rise

Sales of existing homes rose from January to February in an unexpected boost for the slumping U.S housing market as buyers took advantage of deep discounts on foreclosed properties. The National Association of Realtors said today that sales of existing homes grew 5.1 percent, to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003.  Source: IBJ