Homes Sales Fall To 15-Year Low

Wall Street is being affected by a struggling housing market as stocks slid, and one economist is warning this could have a bigger impact on the overall economy.

Home sales plunged 27 percent in July, hitting the lowest percentage in 15 years.

Officials said sales did pickup in the spring when the government offered tax credits, but they expired on April 30th.

Officials say it will take at least 12 and half months to sell off the four million unsold homes at the current sales pace.