Sales of previously owned U.S. homes dropped in July to their lowest pace in 15 years, implying further loss of momentum in the economic recovery. Note: PREVIOUSLY owned homes.

The National Association of Realtors said sales dropped a record 27.2 percent from June to an annual rate of 3.83 million units, the lowest level since May 1995. June’s sales pace was revised down to a 5.26 million-unit pace.  Analysts polled by Reuters expected existing home sales to tumble 12 percent to a 4.70 million-unit pace from the previously reported 5.37 million units in June.