The number of people who bought previously owned homes last year fell to the lowest level in 13 years, NAR, The National Association of Realtors reported on Thursday.
High unemployment and a record number of foreclosures are main reasons why potential buyers are not willing to buy houses, fearing that home prices haven't reached the bottom.
The local Brooklyn NY area has, of course, the same trend.
"We built too many houses during the boom, and now after the crash, it will take us a long time to get back to normal," said David Wyss, the chief economist at Standard & Poor's in New York.
The National Association of Realtors reported Thursday that sales dropped 4.8 percent to 4.91 million units in 2010. That was slightly fewer than in 2008, which had been the weakest year since 1997.
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