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Home Sales Hit New Low
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Published: January 7, 2009
Pending U.S. home sales fell to the lowest level on record in November, the National Association of Realtors said Tuesday. The index tracks signed contracts to purchase existing homes. Typically, there is a one- to two-month lag between a contract and a done deal. So November's decline foreshadows bleak results for December's existing-home sales numbers, set to be released Jan. 26.
45%
Of existing-home sales are foreclosures or other distressed properties
13%
Estimated drop in home sales in 2007 and 2008
6.6%
Projected increase in sales in 2009
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