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The National Association of Realtors said on Monday that existing home sales fell 16.7 percent in December to an annual rate of 5.45 million units. It was the sharpest decline on records dating to 1968 and the slowest sales pace since August.
Analysts, who had expected a 5.90 million unit pace, said the slump month underscored the degree to which the housing market recovery was reliant on government aid.
"Today's numbers clearly indicate that the rebound in housing demand observed so far has been largely supported by government programs and therefore that the recovery is far from becoming self-sustaining," said Anna Piretti, an economist at BNP Paribas in New York.
Last edited by NEPatriot; 01-25-2010 at 12:30 PM..
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