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Non-Tech : Banks--- Betting on the recovery

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From: tejek	5/24/2010 10:05:05 AM
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April existing-home sales up 7.6% to 5.77 million By Rex Nutting WASHINGTON (MarketWatch) - Resales of homes in the United States rose 7.6% in April to a seasonally adjusted annual rate of 5.77 million as buyers rushed to complete sales before a tax credit expires, according to data released Monday by the National Association of Realtors. Sales were stronger than the 5.63 million pace expected by economists. Inventories surged 11.5% to 4.04 million in April, an "unwelcome" development, said Lawrence Yun, chief economist for the NAR. The inventory level represented an 8.4-month supply at the April sales pace. Yun said the elevated inventories suggest that prices won't rise much over the next year or two. The median price is up 4% in the past year at $173,100.

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