U.S. home resales plunge in April

WASHINGTON — Sales of existing U.S. homes took their biggest hit in nearly a decade in April. According to the National Association of Realtors, the seasonally adjusted annual rate of sales fell by 17.8 percent to 4.33 million units. The damage was less than expected by economists, who in a Reuters poll forecast an 18.9 percent drop, but still the largest percentage decline since July 2010. Year-over-year, home resales in April fell by 17.2 percent.