Purchases of previously owned U.S. homes dropped more than forecast in November as residential real estate struggles to sustain its recovery even as borrowing costs remain low. Sales (ETSLTOTL) fell 6.1 percent to a 4.93 million annual rate last month, the weakest reading since May, from 5.25 million pace in October, figures from the National Association of Realtors showed today in Washington. The median forecast of 73 economists surveyed by Bloomberg projected sales would decline to a 5.2 million rate. Low mortgage rates haven’t been enough to lure back additional prospective buyers who’ve been disappointed with the ... (full story)