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September 25, 2007 10:30 AM, EDT

Existing Home Sales Drop to 5-Year Low

Existing homes sales fell in August to a five-year low, the National Association of Realtors said Tuesday.

Sales declined 4.3% from July to an annual rate of 5.5 million, NAR said. Sales were down 13% from a year ago.

Economists had forecast home resales to drop 4.6% to an annual rate of 5.48 million, Bloomberg reported.