New Home Sales Drop 12.6% in January

New US single-family home sales fell more than expected in January, a government report showed on Thursday, pulled down by a plunge in activity in the West as a state homebuyer tax credit in California ended. The Commerce Department said sales tumbled 12.6% to a seasonally adjusted 284,000 unit annual rate after a downwardly revised 325,000-unit pace in December. – Reuters