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New York

Sales of existing homes rise 3.9%

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Sales of existing homes nationwide jumped 3.9 percent in February, the biggest month-to-month percentage increase in nearly three years. The spike in sales occurred as sellers across the country lowered prices to move inventory. The increase over the number of sales in January doesn’t necessarily point to a recovery for the country’s largely depressed residential market, however: The total number of sales was still 3.6 percent lower than it was in February 2006. And analysts warn that further problems with subprime mortgages could spell more trouble for the U.S. housing market. more [CNN Money]