(Source: NYT, By MICHAEL M. GRYNBAUM)
The backlog of unsold homes continued to pile up in January, a sign that home prices will continue to drop as would-be buyers hold out for better deals. Sales of previously owned homes fell for the sixth consecutive month, dropping 0.4 percent, to an annual rate of 4.89 million, the National Association of Realtors said on Monday. While the decline was less than forecast, the sales pace is the slowest since the survey began nearly a decade ago. The median home price dipped to $201,100, down 4.6 percent from a year ago.
