Mortgage rates energize February home sales - 2004-03-26
Sales of new homes recovered in February, rising by a healthy 5.8%, the Commerce Department said Wednesday.
The increase -- the largest since June -- came after home sales declined by 1.1% in January as bad weather kept house hunters indoors.
Powered by low mortgage rates, home sales reached record highs in 2003 and are expected to be brisk this year as well.
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