Glut of unsold homes rises to 18-year high

U.S. sales of existing homes falling 4.3% to a five-year low seasonally adjusted annual rate of 5.50 million in August, inventories of unsold single-family homes rose to an 18-year high.Meanwhile, a separate gauge of home prices fell for the 12th straight month in July, with prices falling in 15 of 20 major cities over the past year. Prices in 10 major cities are falling at the fastest pace in 16 years. Consumers are getting more worried about the economy. The consumer confidence index fell sharply for a second straight month, hitting depths not seen since Hurricane Katrina struck two years ago, the Conference Board reported in yet another report. See full story.