STOCK OF UNSOLD HOMES RISES IN THE US
Sales of formerly owned homes in US fell last month and the accumulation of unsold properties hit a record high, according to data on Friday that suggested the market's downturn still has a long way to run. Home resales fell 1% in April to a 4.89 million-unit annual rate, the National Association of Realtors said.
The sales pace was a bit better than expected, but the stock of unsold homes rushed 10.5% to 4.55 million units, leading economists to warn of housing despair ahead.
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Date: 04 June 2008, Wednesday
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