US Existing Home Sales Plunge in November

WASHINGTON—Sales of previously owned homes plummeted in November as delays caused by new mortgage red-tape and a dwindling supply of residences on the market pushed down sales to a level not seen since April 2014.

Existing-home sales fell 10.5% last month to a seasonally adjusted annualized rate of 4.76 million, the National Association of Realtors said Tuesday, well below the 5.32 million economists expected. The double-digit…