By Chris Isidore, CNNMoney.com senior writer
August 27 2007:
2:58 PM EDT
NEW YORK (CNNMoney.com) — Homeowners trying to sell last month faced the
biggest glut of homes on the market in about 16 years, as declining sales
and growing problems in the mortgage market helped push home prices down
for the 12th straight month.
The National Association of Realtors said sales by homeowners slipped to
an annual rate of 5.75 million last month, down 0.2 percent from the revised
5.76 million pace in June. Economists surveyed by Briefing.com had forecast
the sales rate would fall to 5.7 million in the latest reading.
See the full article here:
http://money.cnn.com/2007/08/27/news/economy/homesales/?postversion=2007082712
