Existing Home Sales Drop

For the fourth consecutive month, sales of existing homes fell in July, further evidence that housing troubles are far from over. Sales of existing homes dropped by 3.8 percent in June to a seasonally adjusted annual rate of 5.75 million units. That is the slowest sales pace since November 2002 and the decline was about twice what had been expected. The median price of an existing home edged up t $230,100, 0.3 percent more than a year ago. The median is the point where half the homes sold for more and half for less.