Summary Box: Low mortgage rates and prices fail to stop home sales from sinking

Summary Box: July home sales plunge to 15-year low

SALES PLUNGE: Sales of previously occupied homes fell in July to an annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the lowest level in 15 years.

BUYERS UNCERTAIN: Potential buyers are hesitating because they think home prices will fall further while sellers are reluctant to lower their prices.

PAIN UNEVEN: Sellers in sluggish markets like Las Vegas and Chicago can expect to wait an average of more than five months to sell their homes. In healthier markets such as San Francisco and Denver, the average wait is only about two months.