(Source: Reuters)

The supply of unsold new U.S. homes plummeted in March in the biggest drop in more than 45 years, government data showed on Friday, offering hope the distressed housing market is stabilizing.

A separate report on durable goods orders showed weakness persists in manufacturing, and possibly the economy as a whole, but analysts seized on the 5.2 percent drop in housing inventory as a bright spot.

Read the full article by Lisa Lambert “Drop in new U.S. home inventories offers hope” at Reuters.com (April 24 2009).

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