Sales of existing homes fell by 27% last month even with the record low mortgage interest rates.  Mortgage interest rates for a 30-year fixed-rate mortgage averaged 4.42% this week, which was down from last week’s 4.44% and from it’s level one year-ago of 5.12 % according to the survey from Freddie Mac.

June and July saw the highest month to month drop in existing home sales in 15 years according to the National Association of Realtors.

Home owners trying to sell  in the hardest hit areas of the country are waiting on average 5 months or more to sell their homes.  Palm Beach, Florida is on record as being the slowest in the country with an average time on the market of nearly 6 months.

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