Existing-home sales were down 27% in July

08/24/2010 | Bloomberg

Purchases of existing homes in the U.S. dropped to an annual pace of 3.83 million, the lowest rate in a decade of record keeping, according to the National Association of Realtors. The drop in home sales shows how the economic recovery is at risk from a lack of jobs. The number of homes up for sale surged, while demand for single-family homes declined to a 15-year low.

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