Home Resales Fall, Surprising Analysts

U.S. home resales dropped unexpectedly for the first time in six months in October as Americans’ concerns about job losses overshadowed a decline in mortgage rates to a 20-month low.

“Folks are not terribly confident about the future,” said John Tuccillo, chief economist at the National Association of Realtors, which reported today that home resales fell 1.9 percent in October.

Sales declined in all regions of the country, pushing down the month’s annualized rate to 4.070 million, the NAR said. The figures, based on actual closings, surprised analysts who had expected resales to be little changed on the month.