Home sales drop by 27% to reach 15-year low

08/25/2010 | Washington Post, The

Sales of existing homes around the country declined by 27% in July to a 15-year low, according to the National Association of Realtors. Industry watchers attributed the decline -- the steepest in 40 years -- to an impasse between buyers waiting for the market to bottom out and sellers reluctant to lower prices further. High rates of unemployment, foreclosures and tighter credit standards are also hampering home sales, despite the lowest mortgage rates in decades.

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