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Existing home sales fall to record low

WASHINGTON
Wed Oct 24, 2007 10:18am EDT
A home is seen for sale in this undated file photo. Sales of previously owned homes fell 8.0 percent in September to a record low 5.04 million unit pace amid troubles in the subprime mortgage and credit markets, the National Association of Realtors said on Wednesday. REUTERS/ Files

WASHINGTON (Reuters) - Sales of previously owned homes fell 8.0 percent in September to a record low 5.04 million unit pace amid troubles in the subprime mortgage and credit markets, the National Association of Realtors said on Wednesday.

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It was the lowest sales pace since the realtor group began tracking both single-family and condo sales jointly in 1999.

Total existing home sales, which include condominiums, fell in September from a downwardly revised pace of 5.48 million in August. Economists polled by Reuters were expecting home sales to fall to a 5.25 million-unit sales pace.
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