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. Last Updated: 07/27/2016

U.S. Home Sales Drag

WASHINGTON -- Sales of existing U.S. homes fell by 6.6 percent in October, to the lowest level in almost two years, as higher mortgage rates dragged demand lower, a real estate group said Monday.

Existing homes were sold at an annualized rate of 4.79 million units, the National Association of Realtors said.

It was the fourth consecutive month of declines since sales hit a record pace of 5.63 million units in June. Those declines followed recent hikes in interest rates by the Federal Reserve, which sent mortgage rates higher.