U.S. Economy: Existing Home Sales Decline to Nine-Year Low
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By Courtney Schlisserman
Feb. 25 (Bloomberg) – Sales of existing homes in the U.S. fell in January to the lowest level since records began nine years ago and prices slid for the sixth time in seven months, posing a threat to consumer spending, the largest part of the economy.
Resales declined 0.4 percent, less than forecast, to an annual rate of 4.89 million from a revised 4.91 million in December that was higher than previously reported, the National Association of Realtors said today in Washington.
The figures indicate declines in home prices so far aren’t sufficient to entice more buyers. Former Federal Reserve Chairman Alan Greenspan said today that the deepening rout in housing is having a ``broader effect’’ on spending, and that a recession this year may be deeper than previous downturns.