Home sales drop to lowest level in almost a year

by Rachel Baker on December 20, 2013

The National Association of Realtors are concerned about how the Federal Housing Finance Agency plans to decrease the maximum size of mortgages that can be bought by finance agencies like Fannie Mae and Freddie Mac

U.S. home resales fell sharply in November to their lowest level in nearly a year, hurt by a rise in interest rates since the spring and ongoing price increases that have shut some home buyers out of the market.

The National Association of Realtors (NAR) said on Thursday that sales of previously owned homes dropped 4.3 percent last month, the third monthly fall in a row, to an annual rate of 4.90 million units.

That was the lowest annual rate since December 2012, and well below the median forecast in a Reuters poll of a 5.03 million unit pace.

Check out the remainder of the article here:
http://www.nbcnews.com/business/home-sales-drop-lowest-level-almost-year-2D11775206

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