The National Association of Realtors says sales of existing homes will hit a five-year low this year and that the outlook for 2008 is growing worse.
The trade association's ninth-straight downwardly revised monthly forecast calls for U.S. existing home sales to fall 12.7 percent this year to 5.66 million. Last month, it predicted a 10.8 percent drop from a year ago.
The Realtors also forecast sales will rise slightly next year to 5.69 million, but that's down from last month's prediction of 6.12 million.
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