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Realtors slash home sales forecast

Potential buyers are waiting on the sidelines for better deals, real estate group says.

WASHINGTON (Reuters) -- Home sales will be a good deal weaker this year than earlier thought as potential buyers remain on the sidelines waiting for better deals, a national real estate group said Thursday.

The National Association of Realtors (NAR) said sales of existing homes were likely to drop 7.6 percent this year to 6.54 million. A month ago, the group thought existing homes sales would fall only 6.5 percent to 6.61 million.

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