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Sales of new homes drop more than expected

By Implode-Explode Heavy Industries

``Sales of new homes dropped more than expected in January, likely affected by the end of a tax credit in California and snowy weather throughout most of the country. Purchases fell 12.6 percent to a seasonally adjusted 284,000 unit annual rate after a downwardly revised 325,000 pace in December, the Commerce Department reported Thursday. ''

Full post as published by Mortgage Lender Implode-o-Meter on February 25, 2011 (boomark / email).