Existing Home Sales Drop in December

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Existing home sales fell 0.8% in December and purchases for the year fell by the most since 1989, the National Association of Realtors said Thursday.The December level fell to a 6.22 million annual rate, NAR said.For the year, 6.48 million existing homes were sold, down 8.4% from 2005, marking the biggest decline since 1989.Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.