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Existing U.S. home sales unexpectedly decline to 4.67 mln annual rate

Posted on 19 August 2011

Sales of U.S. previously owned homes unexpectedly dropped in July, reflecting an increase in contract cancellations due to strict lending rules and low appraisals.

Purchases decreased 3.5 percent to a 4.67 million annual rate, the weakest since November, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for an increase in sales. The median price dropped 4.4 percent from a year earlier, and 16 percent of real estate agents polled said they had at least one pending contract canceled last month……………………………………….Full Article: Source

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