Existing home sales soar in April

[babylonsister]

Existing home sales soar in April
By Hibah Yousuf, staff reporterMay 24, 2010: 12:18 PM ET


NEW YORK (CNNMoney.com) -- Existing home sales soared in April as home buyers scrambled to claim the tax credit that expired at the end of the month, according to a real estate industry report released Monday.

The National Association of Realtors reported that existing home sales jumped 7.6% last month to a seasonally adjusted annual rate of 5.77 million units, up from the upwardly revised rate of 5.36 million in March. Sales year-over-year were up 22.8%.

The gain was widely anticipated, but still beat forecasts. Analysts surveyed by Briefing.com were looking for resales in April to rise to an annual rate of 5.65 million units.

"The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market," said Lawrence Yun, NAR chief economist. "For people who were on the sidelines, there's been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low."

more...

http://money.cnn.com/2010/05/24/real_estate/existing_home_sales/?postversion=2010052412

[AllentownJake]

1. We are still selling recovery

I thought it was self evident we were fucked after the Eurozone collapse two weeks ago so I stopped debunking this nonsense.

[Scurrilous]

2. Good news.

K & R :thumbsup:

[NJmaverick]

3. K & R!

[grasswire]

4. you must have missed this

from the article OP in the other thread:

Housing sales were pushed higher this spring by a stampede of buyers trying to sign sales contracts before tax credits expired on April 30. Historically low mortgage rates also helped fuel purchases. But sales are expected to slump in the coming months as households deal with slow job growth and tight credit.