Sales of existing homes in the U.S. fell last month to the lowest level in at least nine years, signaling the housing slump is deepening and will weigh on growth in 2008.

Resales declined 0.4 percent, less than forecast, to an annual rate of 4.89 million from a revised 4.91 million in December that was higher than previously reported, the National Association of Realtors said today in Washington. The group began record-keeping for this measure in 1999.

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