New Home Sales Tumble to Record Low

NEW YORK (CNNMoney) -- New home sales fell 16.9% in February, to the lowest level since the government began keeping records in 1963, as the reeling housing market failed to generate any momentum.

Sales fell to an annual rate of 250,000 from the revised 301,000 in January, according to the Census Bureau's monthly report released Wednesday. The rate was down a whopping 28% from the 347,000 of February 2010.

"We've been running at a very low level," said John Canally, an economist with LPL Financial, a Boston-based financial adviser.

The release followed Monday's downbeat report on existing home sales, which fell 9.6% month-over-month.

"New home sales are even more crucial to the nation's economy," said Canally "It's the new home sales ...Click Here for the rest of the story