Existing-Home Sales, Prices Tumble

Sales of existing homes slid a worse-than-expected 1.2% in October as tough times in the mortgage market exacerbated the housing market's widespread weakness.

The National Association of Realtors reported Wednesday that sales of already-built homes reached a seasonably adjusted annual rate of 4.97 million units in October. That was down from a rate of 5.03 million in September -- a figure that was downwardly revised -- and marked a 20.7% plunge from the same month a year ago.

Economists expected a sales rate of 5 million homes, according to Reuters.

The results were brought down by a 9.1% drop in sales of condos compared with October. Sales of single-family homes were flat. ...