Home Sales Sink, Again

Snow flakes by Wilson Bentley
Snow flakes by Wilson Bentley

Time is running out for the federal homebuyer tax credit -- but homebuyers weren't rushing to take advantage of the $8,000 deal this February.

Sales of existing homes fell for the third straight month in February, sagging to 5.02 million. That's the lowest rate of sales since April of last year, according to the National Association of Realtors.

Blame the snowstorms that buried much of the Atlantic Coast. "Some closings were simply postponed by winter storms," said Lawrence Yun, NAR's chief economist. The storms could also have a lingering effective on next the numbers for March. "Buyers couldn't get out to look at homes in some areas and that should negatively impact near-term contract activity."