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WASHINGTON - Sales of existing homes dropped for a fifth straight month in July, while the number of unsold homes shot up to a record level. Many analysts said the worst slump in housing in 16 years is likely to deepen in coming months, reflecting the recent turmoil in credit markets, which has caused lenders to tighten their standards. The National Association of Realtors reported Monday that sales of existing homes dipped by 0.2 percent in July, compared with June, to a seasonally adjusted annual rate of 5.75 million units. More…