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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