Existing home sales hit a record low in October while the average home price fell as lenders continued to shift into less risky mortgages.

Existing home sales nationwide last month fell to a seasonally adjusted rate of 4.97 million units, down 1.2 percent from 5.03 million units in September, and 20.7 percent below 6.27 million units sold in September of 2006, according to data released by the National Association of Realtors. The volume was the lowest reported since the NAR began keeping the data in 1999.

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