2007 Home Sales Fall to Lowest Level Since 1982

Existing homes sales fell 2.2% in December, capping the biggest annual slump since 1982, the National Association of Realtors said Thursday.

Sales fell to an annual rate of 4.89 million, NAR said. For the year, sales were down 13% from 2006.

Economists had forecast home resales to drop an annual rate of 4.95 million, Bloomberg reported.