Sharp decline in US house sales
Published April 24th, 2007
Sales of non-new US homes fell 8.4% in March, the sharpest month-on-month drop for 18 years and a further illustration of weakness in the US housing market.
The data, from the National Association of Realtors, also showed the number of homes sold was at a near-four year low.
The housing market has stuttered badly in recent months, raising fears about the health of the economy in general.
Confidence has been hit by problems in the sub-prime mortgage market, with many lenders under severe pressure.
Sub-prime lenders loan money to people with poor credit histories and the recent collapse of one such lender is being investigated by regulators and Congress.
Separate figures published by the Conference Board showed US consumer confidence fell last month to its lowest level since August.
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