Existing home sales this year probably will fall to a five-year low, worse than forecast, signaling the U.S. housing market is far from hitting bottom.

The National Association of Realtors said last week that the new-home sales may decline 24 percent to a 10-year low of 804,000 and existing home sales will fall 11 percent. It was the 10th time this year the NAR lowered its monthly housing and economic forecast.

Home resales fell to a five-year low in August as prices dropped, subprime mortgage defaults increased and lenders such as Countrywide Financial Corp. raised the standards even for borrowers with the best credit. Federal Reserve policy makers have said the housing market is ``exceptionally weak'' and some economists think the slump may push the U.S. into a recession.

A month ago the Realtors association called for an 8.6 percent decline in sales of previously owned homes, which account for about 85 percent of the housing market.

Existing home sales may drop to 5.78 million in 2007 from 6.48 million last year and prices for both new and existing homes are also forecast to fall, the Realtors said.

The median existing home price will drop 1.3 percent to $219,000 in 2007 and the median new home price may decline 2.1 percent to $241,400.