U.S. home resales tumble in February

Sales of existing U.S. homes fell by 6.6 percent in February to a seasonally adjusted annual rate of 6.22 million units, the National Association of Realtors reports. That was a bigger decline than the three percent drop projected by economists, who in a Reuters poll forecast a rate of 6.5 million units. Cold weather and rising mortgage rates were among the factors cited in explanation for the decrease.