Existing home sales fell in August, Realtors group reports

WASHINGTON — Sales of existing homes fell in August, but the number of unsold homes on the market also dropped sharply from the previous month’s record high. The National Association of Realtors said today that sales fell 2.2 percent to a seasonally adjusted annual rate of 4.91 million units, from an upwardly revised pace of 5.02 million in July. Sales had been expected to fall by 1.6 percent, according to economists surveyed by Thomson/IFR. For the full story visit www.latimes.com/business/la-fi-homes25-2008sep25,0,1258840.story