U.S. existing home sales seen slipping in March

Existing home sales in the United States likely fell in March amid tight lending standards and concerns by purchasers on job security but a continued decline in prices may mute the drop and even point to sales stabilizing, economists said. Economists surveyed by Reuters expect sales of existing homes to have declined slightly to a 4.7 million annual rate in March from 4.72 million units in February. Sales of existing and new homes have fallen sharply along with prices, while rising defaults on subprime mortgages, made to borrowers with impaired credit, have forced banks to tighten lending requirements.

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