Temporary Setback? Sales of newly built single-family homes plunged 11.4
percent in March, led by large dips in the Midwest and South, the Commerce Department reported Thursday. It was the largest drop in new home sales since July 2013 and follows three consecutive months of large gains. "After two robust months of new home sales, some readjustment is inevitable," says David Crowe, chief economist of the National Association of Home Builders.Still, "this is the best first quarter since 2008, and attractive mortgage rates and pent-up demand should keep the market moving in the right direction." Read more.
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