Purchases declined 3.9 percent to an annual pace of 848,000 last month from a revised 882,000 rate in January that was lower than previously reported, the Commerce Department said today in Washington. The supply of unsold homes at the current sales pace rose to the highest in 16 years.Economists had forecast new home sales would rise to a 985,000 rate from a previously reported 937,000 for January, according to the median of 63 projections in a Bloomberg News survey.D'oh!

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