Existing Home Sales Drop for 4th Month

Wednesday July 25, 7:06 pm ET
By Martin Crutsinger, AP Economics Writer Existing Home Sales Fall by Bigger-Than-Expected Amount in June As Housing Woes Continue WASHINGTON (AP) -- Sales of existing homes fell in June for a fourth consecutive month, further evidence that housing troubles are far from over. The National Association of Realtors reported Wednesday that sales of existing homes dropped by 3.8 percent in June to a seasonally adjusted annual rate of 5.75 million units.

That is the slowest sales pace since November 2002 and the decline was about twice what had been expected.