JANUARY HOUSING SALES DROP, REALTY GROUP SAYS
Sales of previously owned homes
dropped 14.5 pct in January to a seasonally adjusted annual
rate of 3.47 mln units, the National Association of Realtors
(NAR) said.
    But the December rate of 4.06 mln units had been the
highest since the record 4.15 mln unit sales rate set in
November 1978, the group said.
    "The drop in January is not surprising considering that a
significant portion of December's near-record pace was made up
of sellers seeking to get favorable capital gains treatment
under the old tax laws," said the NAR's John Tuccillo.
 Reuter
