Existing Home Sales, Prices Fall

Investor's Business Daily (11/29/07) P. A1The National Association of Realtors says the number of resale homes and condominiums changing hands fell for the eighth consecutive month in October, down 1.7 percent to an annual pace of 4.97 million. Year-over-year, the U.S. median home price slipped 5.1 percent, as high-end home sales were hit hard by weakness in the jumbo-loan market. NAR also reports an increase in housing inventory last month to a 10.8-month supply.