Existing home sales drop further

U.S. sales of existing homes fell 8 percent in September to a record low according to the National Association of Realtors.

The pace was 5.04 million and was the lowest since the NAR began tracking single-family and condo sales jointly in 1999. In August, the pace was 5.48 million. Economists previously predicted home sales to only fall to 5.25 million.  That’s nearly twice what economists predicted.

Read more about September home sales at CNBC.