Sales of previously owned homes fell in May U.S. unexpectedly
| Date: June 22, 2010 | Source: REUTERS |
| Category: Economy | |
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Loading ... Sales of previously owned homes in the U.S. unexpectedly fell in May due to delays in processing mortgage applications slowed the closing of contracts benefiting from a popular tax credit to the buyer, said on Tuesday an industry group.
The National Association of Realtors (NAR, for its acronym in English) said sales fell 2.2 percent to an annual rate of 5.66 million units, compared to an upwardly revised rate of 5.79 million in April, when sales rose 8 percent.
Analysts polled by Reuters had expected sales to increase by 5.5 percent and be positioned at 6.12 million units.
Was expected to go up sales because sales transactions of resale are measured at closing. Although the tax credit for buyers expired in April, the owners have until June 30 to close the contracts.
