According to the latest news release from the National Association of Realtors, total existing home sales dropped in April by 2.6% over March, and are down by 10.7% over April of last year.
This drop is is primarily due to the banks' tightening of standards for obtaining mortgage loans and cutting back on issuing sub-prime mortgages. The biggest area of decline was in the Northeast where existing home sales sank by 8.8%.
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