Sales of U.S. Previously Owned Homes Probably Fell in October

Purchases fell to a 4.48 million annual rate, down 1.1 percent from September, according to the median of 71 estimates in a Bloomberg News survey. Another report may show the U.S. economy expanded at a revised 2.4 percent annual rate in the third quarter, up from last month’s estimate of 2 percent.

An overhang of distressed properties and a jobless rate near 10 percent may restrain home sales, while concerns over faulty foreclosure proceedings threaten to delay the mending process even more. Minutes from the Federal Reserve’s meeting this month may help explain why policy makers decided to supply the world’s largest economy with an additional $600 billion in monetary stimulus.

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