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WASHINGTON, DC-According to the National Association of Realtors, the sales of homes that were previously occupied will show a decrease of 26% in July compared to that in June. Campbell Surveys reported that more than 39% of July home sales were by first-time buyers, a decrease of 9% from that of March.

Key reasons for this plunge in home sales are overestimation of home values by sellers, unemployment, the expiry of the federal tax credit and a feeble economic recovery. For the full story, go to San Deigo.com.

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