Sales of new homes plunge

WASHINGTON - The Commerce Department says new home sales fell 14.8 percent to a seasonally-adjusted annual rate of 823,000. That&#39;s the lowest level since June 2000.<br> <br> <br> Economists had been looking for a new level of 950,000.<br> <br> At the same time, the government revised its reports for both November and December new home sales to show higher levels than previously reported.<br> <br> The January decline, nonetheless, was the largest since January 1994.<br> <br> The downturn comes in sharp contrast to recent evidence pointing to exceptionally strong activity in the housing sector.<br> <br>

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