US home sales slump adds to recovery fears

Sales of existing homes in the US plunged 27.2% in July compared with June to their lowest level in more than 10 years, figures suggest.

Home sales completed in the month stood at an annualised rate of 3.83 million, according to the National Association of Realtors.

The main reason for the drop was the end of tax credits designed to boost sales, the body said.

Michelle Fleury reports.

BBC News