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WASHINGTON (AP) - The pace of existing home sales slowed in the first quarter by almost 7 percent compared to a year ago, the National Association of Realtors said Tuesday.
In the latest indication of the housing market's slowdown, the NAR said home sales reached a 6.4 million annual rate compared to 6.9 million in the same quarter of 2006.
The report came on the same day that RealtyTrac Inc., an industry research firm, said mortgage lenders foreclosed on 62 percent more U.S. homes in April than a year ago.
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