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Financial News Network
July 27, 2012 AT 11:57 AM
7-25-12-From fnno.com, this is the Financial News Network. The Commerce Department announced today that there was an 8.4% drop in home sales in June when compared to May. This decrease in home sales in the most significant since February of 2011. Sales plunged especially in the northeast, falling 60% last month.Home sale rates fell to a seasonally adjusted annual rate of 350,000, which is still well below what is believed to be an economically healthy rate of 700,000.While this news out of the Commerce Department is not good, the sales rate for June is still about 15% higher than it was in the same month a year ago. For more coverage and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com.