...But Don't Tell the Housing Market

WASHINGTON (MarketWatch) — Sales of previously owned homes dropped 9.6% in February and prices fell to their lowest level since 2002, reflecting a continued slump in the U.S. real estate market.

The National Association of Realtors on Monday said sales of existing homes dropped to a seasonally-adjusted annual rate of 4.88 million from an upwardly revised 5.4 million in January. Economists surveyed by MarketWatch expected sales to drop to a rate of 5.1 million.