US existing home sales tumbled for a ninth straight month in October as the 30-year fixed mortgage rate hit a 20-year high and prices remained elevated, pushing homeownership out of the reach of many Americans.Existing home sales dropped 5.9 percent to a seasonally adjusted annual rate of 4.43 million units last month, the National Association of Realtors said on Friday. Outside the plunge during the initial phase of the COVID-19 pandemic in early 2020, this was the lowest level since December 2011.Economists polled by Reuters had forecast home sales would tumble to a rate of 4.38 million units.
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