COMING THIS WEEK
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The red-hot U.S. housing market could be cooling. Sales of previously owned homes probably retreated in February, falling 1.8% to a seasonally adjusted 4.98 million annual rate, analysts said. In January, resales rose 0.8% to a record 5.07 million. The National Assn. of Realtors is scheduled to issue the statistics Thursday. The report is a key gauge of growth because sales of previously owned homes account for 85% of the U.S. market. “We are close to a peak in terms of the level of housing activity, and we should see it start to level,” said NationsBank economist Lynn Reaser.
--Bloomberg News
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