National

Jan 25, 2010 9:39 AM by Associated Press

Existing home sales likely fell in December

December sales of previously occupied homes are expected to be down sharply from the month before when numbers come out today.

Prospective buyers were given a five-month extension of a tax credit that initially was to expire Nov. 30. Lawmakers also added a new credit of up to $6,5000 for existing home owners who move.

Economists polled by Thomson Reuters forecast that sales completed in December fell 7.3 percent to a seasonally adjusted annual rate of 6.06 million. That's down from 6.54 million in November. The decline would reverse three straight months of increases.

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