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Existing-home sales lag

By Staff -- Purchasing, 2/14/2008

Existing home sales in the U.S. fell 13% to 5.65 million in 2007, according to the National Association of Realtors. No quick turnaround is expected, says the group's economist, Lawrence Yun, who adds the market is suffering "uncharacteristic weakness." That's why inventories of homes fell 7.4% at the end of December to 3.91 million available for sale, which represented a 9.6-month supply at the current sales pace.

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