[U.S. second-hand home sales fell to 16-year low, high mortgage rates deter buyers] November 13th, U.S. second-hand home sales fell to the lowest level in 16 years last month, and potential home buyers were deterred by successive negative news on mortgage rates and inflation. Data released by the National Association of Realtors (NAR) on Thursday showed that sales of second-hand homes fell 5.5% in October, equivalent to an annual rate of 3.75 million units. Sales in the West plummeted to the lowest level since data began to be collected in 1999, and sales in the South and Midwest also fell to their lowest levels in more than a decade. The outlook for the housing market is increasingly bleak as frustrated homebuyers face mortgage rates above 7% and stubbornly high inflation. 30-year mortgage rates have eased in recent weeks after hitting a nearly three-year high in early October. Nationwide senior economist Ben Ayers said that in terms of the housing market, "this is probably the worst time ever, but I don't expect much improvement in the short term because even if mortgage rates have eased a little, levels are still quite high."