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December drop caps worst housing year in decades

Capping the worst year for the housing market in 25 years, resales of U.S. homes and condos fell 2.2% in December to a seasonally adjusted annual rate of 4.89 million, the National Association of Realtors reported Thursday.

For all of 2007, sales of single-family homes fell 13%, the biggest decline since 1982.

Sales fell in all four regions, dropping 4.6% in the Northeast, 2.1% in the West, 1.7% in the Midwest and 1% in the South.