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Existing-Home Sales Hit 41/2-Year Low

Existing Home Sales- June 2007

June sales fell 3.8% to an annual rate of 5.75 million, the lowest since November 2002, the National Association of Realtors said. It is the fourth straight monthly drop and below estimates.

The supply of unsold homes at the current sales pace held at 8.8 months, near the highest level since the early 1990s.

Median prices rose 0.3% vs. a year ago, the first such gain in 11 months.

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