BUSINESS
09/01/2010 05:12 am ET | Updated May 25, 2011

Housing Market Still Slumping, Despite Record-Low Mortgage Rates

The sudden weakness in residential real estate has struck nearly every region of the country, according to recent government and industry data, driving down sales of new and previously owned homes alike in May. On Thursday, the National Association of Realtors said an index that measures sales contracts signed on existing homes plunged 30 percent in May, more than twice what analysts had forecast, to the lowest level since the group started tracking the numbers in 2001.

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