This is what debt and deficits bring us.
US home sales hit slowest pace in 6 months in Nov.
WASHINGTON (AP) — Fewer Americans bought homes in November as buying slid to its slowest pace in six months.
The National Association of Realtors said Monday that sales of existing homes fell 6.1 percent to a seasonally adjusted annual rate of 4.93 million. That was down from a revised annual pace of 5.26 million in October. Over the past 12 months, sales have risen 2.1 percent.
The combination of higher home prices and relatively stagnant incomes has reduced affordability and restrained buying. A recent decline in mortgage rates has yet to lure more buyers into the market. At the same time, fewer distressed properties and bargains, which tend to attract investors, are coming onto the market.
The Realtors estimate that 2014 sales will end up below 2013 levels. Sales have slumped…
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