Existing Home Sales Plunge
By: Newsroom Solutions
Updated: March 21, 2011
An improving economy isn't helping the housing market yet.
The National Association of Realtors says existing home sales plunged last month to the lowest level in nine years.
Sales dropped nearly 10-percent from the previous month to an annual rate of under four-point-nine-million units.
The NAR's chief economist says home sales are being choked by unnecessarily tight credit.
Last month, the median existing-home price was just over 156-thousand-dollars.
That's down more than five-percent from February of 2010.
The National Association of Realtors says existing home sales plunged last month to the lowest level in nine years.
Sales dropped nearly 10-percent from the previous month to an annual rate of under four-point-nine-million units.
The NAR's chief economist says home sales are being choked by unnecessarily tight credit.
Last month, the median existing-home price was just over 156-thousand-dollars.
That's down more than five-percent from February of 2010.
