U.S. existing home sales plunge; new rules seen as drag | Reuters

U.S. existing home sales plunge; new rules seen as drag | Reuters: "U.S. home resales posted their sharpest drop in five years in November, a potential warning sign for the health of the U.S. economy although new regulations on paperwork for home purchases may have driven the decline.

The National Association of Realtors said on Tuesday existing home sales plunged 10.5 percent to an annual rate of4.76 million units. That was the sharpest decline since July 2010. October's sales pace was revised slightly lower to 5.32 million units.

Housing has been providing a sizable boost to U.S. economic growth this year as a strengthening labor market and low interest rates have helped young adults to leave their parents' homes.





 Economists had forecast sales rising to a rate of 5.35 million units last month."



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