U.S. home resales hit lowest level in almost a decade

WASHINGTON — Sales of existing U.S. homes in May declined by 9.7 percent to a seasonally adjusted adjusted annual rate of 3.91 million units, the (U.S.) National Association of Realtors said this week. That was the lowest rate of home resales since October 2010 and a steeper drop than forecast by economists, who in a Reuters poll projected a decline of just three percent. On a yearly basis, existing home sales fell 26.6 percent, the largest annual decline since 1982.