Sales Of New Homes Rose 11.1 Percent In March

Sales of newly built homes rose 11.1 percent in March from February, to a seasonally adjusted annual rate of 300,000, the Census Bureau and Department of Housing and Urban Development report.

Still, the pace is 21.9 percent below that of March 2010.

Bloomberg News says that in March, the housing industry "strained to recover" from its hard times. And as it writes, "the market for new homes faces competition from a glut of foreclosed properties that may keep prices depressed this year, discouraging new construction." Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.