Sales of existing single-family homes in California...

Sales of existing single-family homes in California declined for the second consecutive month in February, according to the California Assn. of Realtors. Detached homes sold at a seasonally adjusted annual rate of 470,389 units in February, off nearly 3% from January levels. The real estate trade group attributed the lower sales to a drop in consumer confidence that followed last fall’s stock market crash. Most of the home sales closed in February were negotiated in December, when consumer confidence “was flagging because of talk of a recession in 1988,” said Dale Colby, president of the real estate group.