Existing home sales, loan applications fall

(Reuters) - Existing-homes sales hit a lower-than-expected 5.75 million unit annual rate while prices and inventories remained flat, the National Association of Realtors said in a report on Wednesday.




Applications for new mortgages hit their lowest level since mid-February as the demand for homes continues to slide. The largest U.S. mortgage lender, Countrywide Financial Corp. , said on Tuesday it may be 2009 before the housing market recovers.


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UPDATE 1-Countrywide sued for racial bias in mortgage loans

(Reuters) - NEW YORK, July 12 - Four black homeowners sued
Countrywide Financial Corp. on Thursday, accusing the
largest U.S. mortgage lender of racial discrimination in its
lending practices.




In a lawsuit seeking class-action status, the Massachusetts
homeowners accused Countrywide and several affiliates of
marking up interest rates or tacking on fees after agreeing to
lend based on objective criteria such as credit histories or
home values.


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