US existing home sales drop to 10-year low

Thursday, August 26, 2010

Sales of existing homes in the US plunged 27.2 percent in July compared with June to their lowest level in more than 10 years, figures suggest.

Home sales completed in the month stood at an annualised rate of 3.83 million, according to the National Association of Realtors (NAR).

The main reason for the drop was the end of tax credits designed to Despite that, the figures added to fears about the US economic recovery.

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