U.S. home sales, prices to slip more

U.S. home sales and prices will fall further in 2007 than earlier expected, a leading realty trade association predicted today. The National Association of Realtors trimmed its sales forecast for the fifth straight month and also widened its predicted drop in existing home values.

Existing-home sales are seen at 6.11 million units this year—down from the 6.18 million units it predicted last month. This year’s sales will be the lowest since 2002, when 5.63 million existing homes were sold. But even with the decline, this year would rank as the fifth highest on record, the trade group said.