Existing Home Sales Plunge 27%

By: Associated Press Email
By: Associated Press Email

The lowest mortgage rates in decades haven't done much to prop up home sales.

The National Association of Realtors says sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the low rates and the bargain prices in many areas.

Sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million. Sharp declines were seen in all parts of the country.

The disappointing report on the housing market has added to concerns about the economy.

And stocks have extended their decline. The Dow lost more than 150 points in morning trading-- even dipping briefly below the 10,000 mark for the first time in seven weeks.

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