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Tuesday
Nov232010

Existing Home Sales Dip in October

Photo Courtesy - Getty Images(WASHINGTON) -- After a two month bounce, sales of pre-owned homes took a dip in October, according to new data from the National Association of Realtors.

The group says sales of existing homes dropped 2.2 percent last month -- bigger than the 1 percent economists were expecting -- to a seasonally adjusted annual pace of 4.43 million units.

"The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales," said Lawrence Yun, chief economist at the realtors group.

Sales are off by almost 26 percent compared to a year ago.

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