Home sales plunge 27 pct. to lowest in 15 years - Yahoo! News
WASHINGTON – Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas. July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.
Sales were weakest in the low to mid-priced range. That's especially troubling. This isn't just the end of the McMansion era. This is middle-class housing.