U.S. home resales fall in December

Sales of existing U.S. homes were down 4.6 percent in December, the National Association of Realtors has announced. The annualized pace of 6.18 million units marked a steeper decline than expected, as economists had projected a rate of 6.44 million units in a Reuters poll. Higher prices driven by record-low inventory and aggravated by duties on Canadian lumber continued to leave some would-be first-time buyers shut out. Year-over-year, home resales fell by 7.1 percent.