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Existing home sales fall

Monday, Aug. 27, 2001 | 11:04 a.m.

WASHINGTON -- Sales of previously owned homes slid in July to their lowest point in seven months as prospective buyers were put off by the slumping economy and job jitters, a trade group reported today.

The National Association of Realtors reported that existing-home sales fell by 3 percent in July from the previous month to a seasonally adjusted annual rate of 5.17 million. That was the lowest level since a rate of 4.94 million in December.

David Lereah, the association's chief economist, said the decline reflected the fact that the economy in general is deteriorating.

Even with the drop, existing-home sales are still running at healthy levels. The housing market has been a main pillar supporting the struggling economy, in large part because mortgage rates have been low.

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