U.S. home resales continue decline

Sales of existing U.S. homes in January hit a 12-year low, with a 12th consecutive monthly drop marking the longest streak of decline since the fall of 2010. The annualized rate of home resales slipped by 0.7 percent to 4 million units, according to data newly published by the U.S. National Association of Realtors.

Sales were down in the Northwest and Midwest, which experienced rough weather, while the South and West regions logged gains. In a Reuters poll, economists on average projected an increase to a rate of 4.1 million units.