5/19/11, "Existing-home sales drop unexpectedly in April," Bloomberg News, B. Willis
"Sales of existing U.S. homes unexpectedly declined in April, indicating the industry is struggling to gain traction as the economy expands.
Purchases of existing homes dropped 0.8 percent to a 5.05 million annual pace last month, the National Association of Realtors said Thursday in Washington. A 5.2 million rate was the median projection in a Bloomberg News survey, and the April figure was less than the most pessimistic forecast. The median sales price declined from a year earlier and
- 37 percent of transactions were of distressed dwellings....
The median sales price fell 5 percent last month from April 2010 to $163,700."...
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