The National Association of Realtors reported that sales of existing homes fell twenty-seven percent in July. Sales of single-family homes were at their lowest level since records began fifteen years ago.

Jed Smith directs research for the association. He says the big drop in sales was largely because of the end of a federal tax credit for first-time homebuyers.

JED SMITH: "Unemployment is fairly high and people are scared. And when people are scared, or are recovering from being scared, they don't necessarily run out and buy a house right away."

And that's IN THE NEWS in VOA Special English. I'm Steve Ember.