US home sales fall 4.3 percent

0 Comments | AFP, September, 2007

WASHINGTON (AFP) — US existing home sales fell 4.3 percent in August as buyers had trouble getting mortgages amid financial market turmoil, the real estate industry said Tuesday.

The National Association of Realtors (NAR) said existing-home sales fell to a seasonally adjusted rate of 5.50 million units in August from 5.75 million in July.

The figure is down 12.8 percent from a year ago, and was in line with market expectations amid troubles in the housing sector after a long period of sizzling growth.

"The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through," said...