Home Sales at Lowest Point in Nearly Five Years

There was more bad news out of the housing market Wednesday as the National Association of Realtors announced that sales of preowned homes dropped more than expected during June. The group's monthly report on sales shows that buyers closed on new homes at the lowest rate in almost five years -- a seasonally adjusted annual rate of 5.75 million units. That's 3.8 percent lower than the downwardly revised May rate and 10.7 percent lower than a year ago. Economists were betting the report would...Full Story
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