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Last Updated: Wednesday, 25 July 2007, 14:29 GMT 15:29 UK
US home sales see further decline
A house for sale in Illinois
The housing slump has unsettled US stock markets
Sales of existing homes in the US during June fell to the slowest pace since November 2002, giving no sign of an end to the housing slump.

Sales fell 3.8% in June to a seasonally adjusted annual rate of 5.75 million homes.

Figures from the National Association of Realtors also showed that the median price paid for a home rose 0.3% compared with June 2006 to $230,100.

It is the first such increase in average prices for 11 months.

"The past few months have indicated that a bottom has not been reached, which is negative for the economy," said Richard Dekaser, chief economist at National City Corp in Cleveland.


SEE ALSO
Wall St hit by home payment fears
13 Mar 07 |  Business
Rising defaults hit top US lender
24 Jul 07 |  Business
US probes sub-prime mortgage firm
13 Mar 07 |  Business
Mortgage slide hits Countrywide
26 Jul 05 |  Business

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