US home sales fall to record low

Wall Street stocks fell in yesterday’s morning trading, partly due to disappointing new home sales data. US new home sales plummeted in February to a record low and prices were the lowest since December 2003, suggesting the housing market slide was deepening. Sales in February dropped 16.9 per cent to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963, the Commerce Department revealed.