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US new home sales rise despite higher mortgage rates Healthy job growth and a recovering economy have pushed up interest in new homes, while the prospect of rising mortgage rates since the November presidential election may have pulled some sales forward. An exceptionally warm February also likely helped fuel sales. "Sales were likely boosted by the much warmer-than-usual weather last month, which made visiting new-home construction sites less miserable than usual in February," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Builders have ramped up the construction of new homes, which helps meet strong demand and boosts sales. That could provide a slight lift to the broader economy through construction jobs and the consumer spending linked to home purchases. But demand for homes is still outpacing the construction gains. There were 266,000 new homes for sale last month, the most since July 2009 a month after the recession ended and up nearly 10 percent from a year earlier. The median sales price in February of a new home was $296,200, a decline that might reflect that much of the sales last month were in the cheaper Southern markets. Construction firms are bullish that sales will keep improving, even though they remain well below the heights of the housing boom seen more than a decade ago. The National Association of Home Builders/Wells Fargo builder sentiment index climbed to 71 this month, the highest reading since June 2005.

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Police launch manhunt after home invasion victim dies 5 days ago Police are hunting a violent intruder following the death of an elderly Adelaide man who was the victim of a home invasion. The 70-year-old died in hospital last night, a week after he was assaulted in his home in the city's northern suburbs by an intruder. Police today released CCTV footage in the hopes of identifying a young man who they would like to speak to about the break-in. South Australia Police said in a statement the victim was confronted by the young intruder at his Elizabeth South home on last Friday. The man demanded money and stole his bank card along with the PIN. After leaving the house the intruder returned 15 minutes later and assaulted the victim before fleeing. The victim was taken to hospital suffering broken ribs but died last night. A post mortem examination will be conducted to determine the cause of the man's death. Detectives are asking anyone with information which could identify the youth to contact police. Investigators would also like to hear from anyone who was near the Elizabeth South Shopping Centre, on Philip Highway, from 6.30am to 7.30am on Friday, March 10.

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