Higher mortgage rates, constrained inventories and tight credit slowed the pace of existing-home sales for the third month in a row in November, producing the first annual decline in sales in more than two years, the National Association of Realtors (NAR) reported today. Existing-home sales dropped 4.3 percent from October to November, to a seasonally adjusted annual rate of 4.9 million, and were down 1.2 percent from a year ago, marking the first time in 29 months that sales were below year-ago levels. “There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck is in limited housing supply, due to the slow recovery in new-home construction," said NAR Chief Economist Lawrence Yun in a statement. Rent...