Unsold Homes Reach Record High

Unsold Homes Reach Record High

Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a record high, fresh signs the housing market has lost steam.

The National Association of Realtors reports that sales of existing homes and condominiums dropped by 4.1% in July from June to a seasonally adjusted annual rate of 6.33 million. That was the lowest level since January 2004.

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