New home sales fell to their lowest level in 13 years in February, according to a key government report on the battered housing market released Wednesday.
February sales came in at a seasonally-adjusted annual rate of 590,000, the Census Bureau report showed, down 1.8% from a revised 601,000 in January and down 29.8% from a year earlier.
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This article addresses the continued decline of housing prices and the housing market as a whole in the United States. This article also asserts that despite continued price declines, the number of homes sold continues to decrease. This shows the struggle of the United States's economy in multiple facets, including the housing market. According to the article, in order to stabilize the market, prices must continue to decline into 2009. These struggles show the decline of the US economy as a whole, and it is the government's duty to do whatever it takes to stabilize the economy.
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