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To: heinz44 who wrote (41182)	5/24/2010 2:35:20 PM
From: Rocket Red	Read Replies (2) \| Respond to of 233951

U.S. home sales surge in April Sales of existing U.S. homes rose in April, the National Association of Realtors said Monday. Sales increased 7.6 per cent to a seasonally adjusted annual rate of 5.77 million units in April, a rise of an upwardly revised 5.36 million in March. The April figure is 22 per cent higher than the pace during the same month a year earlier. Favourable affordability, improving consumer confidence and a government tax credit for new buyers were credited with the gain. "The upswing in April existing-home sales was expected because of the tax credit inducement ... but other factors also are supporting the market," NAR economist Lawrence Yun said. An $8,000 US tax credit for first-time buyers aimed at inducing people to join the market expired at the end of April, so the market could be hard-pressed to maintain robust gains moving forward. "In the next couple of months, sales will be lower [because] April marks the last gasp for the home buyer tax credit," BMO economist Jennifer Lee said. The agency also revealed that the average for a 30-year, fixed-rate mortgage rose to 5.10 per cent in April, up from 4.97 per cent in March and 4.91 per cent in April 2009. The average price of a resale U.S. home was $173,100 in April, a four per cent rise from a year earlier.