Sales of existing homes drop 5.4% in June

Sales of existing homes in June fell to the slowest pace since October, a decline that goes against the grain of more positive indicators from the housing market and one which a trade group on Thursday blamed on foreclosure delays and tough mortgage availability.

The National Association of Realtors said June sales dropped 5.4% to a seasonally-adjusted annual rate of 4.37 million, compared to an upwardly revised 4.62 million in May.

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