Sales of existing homes slid 5.1% in June, group says

07/23/2010 | CNNMoney

The National Association of Realtors said sales of existing homes declined 5.1% last month, the latest indication of further trouble in the housing market. "The housing industry is slogging through a swamp looking for solid ground," said Mitchell Hochberg of Madden Real Estate Ventures. "With mounting foreclosures, growing consumer pessimism and a rise in inventory, the only path to recovery is an increase in employment." Year-over-year, however, home sales increased by 9.8%.

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