Developments
Real estate news and analysis from The Wall Street JournalBy Jeff Bater and Alan Zibel
Home resales dipped in October after two months of increases, with a weak economy and worries about flaws in foreclosure documents keeping buyers away.
Sales of previously occupied homes decreased by 2.2% to a seasonally adjusted annual rate of 4.43 million, the National Association of Realtors said Tuesday. Economists surveyed by Dow Jones Newswires had expected home sales to drop 0.7% to an annual rate of 4.50 million.
The decrease in home sales followed a pair of monthly increases from the lowest sales rate in 15 years. September resales rose an unrevised 10% to a rate of 4.53 million. In August, resales climbed 7.3%.
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