Home Sales Slide, Economy Struggles To Pick Up
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Sales of previously owned homes fell to the lowest level in almost four years and declining prices hurt consumer confidence this month, indicating the American economy is struggling to pick up following a first-quarter slowdown. Existing home sales slid 8.4% in March after rising 3.7% the previous month, the National Association of Realtors said yesterday in Washington. A separate private report showed home-price declines in 20 major cities accelerated in February. Slowing housing and deteriorating confidence pose a risk that the economy, which is projected to have grown last quarter at the weakest pace in more than a year, won’t accelerate in coming months.
