National

Aug 24, 2010 10:27 AM by Bea Karnes, News First 5

Home sales plunge 27 percent to lowest in 15 years

Sales of previously occupied homes fell to the lowest level in 15 years last month as the economy weakened.

The National Association of Realtors says July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 1968.

June's sales pace was revised downward to 5.26 million.

The market has struggled since the tax credits expired on April 30.

Wall Street was not pleased with the report. The Dow fell below 10,000 before recovering a bit.  It is still down more than 100 points.

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