New home sales fell 17% in February to the lowest level on record with cancellations ticking up again as buyers continue to deal with tighter mortgage underwriting standards.

The U.S. Census Bureau reported Wednesday morning that sales of newly constructed homes fell to a seasonally adjusted annual rate of 250,000 in February from a 301,000 rate in January. February new home sales were off by 28% compared to a year ago. (The government began collecting such information back in 1968.)

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