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US: February home sales see small rebound, but supply growth is 'sluggish'
Home sales made a small gain to start the year, but higher mortgage rates now could throw cold water on the spring season. Existing home sales in February rose 1.7% from January to a seasonally adjusted, annualized rate of 4.09 million units, according to the National Association of Realtors. Sales were down 1.4% from February of last year. This count represents closed sales, so deals were likely inked in December and January, when mortgage rates fell a bit and stayed solidly in a low range near 6% on the 30-year-fixed mortgage. Rates were about a full percentage point higher the year before. "Despite the modest gain ... (full story)
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