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U.S. Home Sales Seen Dropping First Time in Four Years

Sales of new and existing homes in the U.S. will fall in 2014 for the first time in four years, the Mortgage Bankers Association said in a forecast today.

The MBA lowered its outlook to 5.28 million homes -- a decline of 4.1 percent from the previous year. The industry group also said mortgage lending for purchases would total $595 billion this year, down 8.7 percent from 2013, and the first retreat in three years, according to today’s MBA projection.