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Existing Sales Hit 2017 Lows; Lenders Arrested; Foreclosure Milestones; Rates Sharply Sideways

Existing Sales Hit 2017 Lows; Lenders Arrested; Foreclosure Milestones; Rates Sharply Sideways

Sales of existing homes, like those for newly constructed ones, performed poorly in July. The National Association of Realtors® (NAR) said today that those sales of existing single-family houses, townhouses, condos, and cooperative apartments slipped 1.3 percent from their June level to a seasonally adjusted annual rate of 5.44 million units, the lowest sales rate thus far in 2017. In addition, June sales, originally reported at 5.520 million, a decline of 1.8 percent from May, were revised down to 5.510 million. Despite the declines, sales in July were still running 2.1 percent ahead of last year. Analysts had expected sales to increase, largely because of an uptick in the June pending sales report. Results however were at the low end of their projections, which ranged from 5.410 to 5
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