Sept. 25, 2007
Demand for previously owned homes tumbled in August to the lowest level in five years as mortgage-market troubles hurt sales. Home resales fell to a 5.5 million annual rate, a 4.3% decline from July, the National Association of Realtors said. In a separate report, the S&P/Case-Shiller index showed the decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years.
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