Allison Walker, Your Home
 

People selling preowned homes will be lucky to sell it, because the U.S. is in the worst slump in more than two decades, and it is getting deeper.

The National Association of Realtors released the latest numbers, which found sales of existing homes in June fell more than twice the expected decline.

The report shows existing home sales dropped 2.6 percent. That is 15.5 percent below what they were a year ago.

The Commerce Department also released June's numbers for sales of new homes. They are also down, but did not fall as badly as existing homes.

New, single-family homes dropped just 0.06 percent.

This decline is slightly smaller than had been expected, but compared to last year, they are down by 33.2 percent.

Overall, sales were down most in the South.

Private economists think sales will slump for much of the rest of the year, with prices continuing to fall into the spring of 2009.

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