New Home Sales See Record Decline

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New homes sales for February dipped to an all-time low.

The Department of Commerce reported Wednesday that new home sales fell more than 2 percent last month-- the fourth consecutive monthly decline and the worst on record since 1963.

Experts blame the decline partly on stormy winter weather.

Areas that saw snowstorms had significant declines, such as in the northeast where sales fell 20 percent from January. Meanwhile, sales in the west rose by 21 percent.

Despite Congress' decision to extend the First Time Homebuyer Tax Credit deadline to April 30, which also allows benefits for existing homeowners, economists and real estate agents say the move has had little impact on sales.

Some homebuilders say they are starting to see progress, but very slowly.

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