Home sales plunge, fueling concern about the U.S. recovery

Sales of existing U.S. homes fell to their lowest level since 1999 in July, raising concern that the economy is weakening and headed into a long period of stagnation or a double-dip recession. The National Association of Realtors said home sales dropped 27.2% between June and July, a bigger decline than expected. For single-family houses, which account for most residential transactions, the sales rate was at its lowest since May 1995.

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