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U.S. Home Sales Fall 5.3

 U.S. home sales fall 5.3%

"U.S. home sales dropped sharply last month, while the inventory of homes on the market plummeted to a two-year low, according to figures released Wednesday by the National Association of Realtors. Sales of existing homes fell 5.3 percent from December to January, slipping to an annualized rate of 4.49 million units. That was 8.6 percent below the pace recorded a year earlier, which was 4.91 million units as of January 2008. The association's sales count includes single-family homes, townhouses, condominiums and co-ops."

SF Business Times- 2/23/2009