New Home Sales up in February

New-Home Construction Rises in February
New-home construction rose 22.2 percent in February, compared to January, to a seasonally adjusted annual rate of 583,000 units.

Applications for building permits, which are considered a good measure of future building, rose 3 percent in February to an annual rate of 547,000.

Both increases surprised analysts who had predicted further downturns. Housing construction is still down 47.3 percent from a year ago.

Source: The Associated Press, Jeannine Aversa (03/17/2009)