Existing-Home Sales in U.S. Probably Dropped

Quote: “Buyers lack the confidence and access to credit that are important to driving sales.” The National Association of Realtors will release the figures at 10 a.m. in Washington. Estimates for home sales in the Bloomberg survey ranged from 4.5 million to 5.18 million. The number of existing homes sold peaked at 7.08 million in 2005. Nonetheless, they comprise about 94 percent of all purchases now, up from about 85 percent six years ago as foreclosures and distressed sales lure some buyers. Distressed Properties Daren Blomquist, communications manager at RealtyTrac Inc., said last week. Competition from existing homes selling at discounted prices is hurting builders. Sales of new properties dropped 4 percent in May to a 310,000 annual pace, economists said ahead of a June 23 report from the Commerce Department. A record-low 323,000 new homes were sold last year. New York. “It could still be a struggle in 2012.” S&P 500 Index. Ben S. Bernanke has been among those forecasting that the recent slowdown in growth will prove temporary as commodity prices retreat. At the same time, the central bank should maintain record stimulus to bolster a “frustratingly slow” recovery, he said this month. Officials are scheduled to meet in Washington today and tomorrow to determine the course of policy. Bloomberg Survey===========================================ExistExistHomesHomesMlnsMOM% ===========================================Date of Release06/2106/21 Observation PeriodMayMay ------------------------------------------- Median4.80-5.0% Average4.79-5.1% High Forecast5.182.6% Low Forecast4.50-10.9% Number of Participants6969 Previous5.05-0.8% ------------------------------------------- 4CAST4.70-6.9% ABN Amro4.80-5.0% Action Economics4.75-5.9% Aletti Gestielle5.101.0% Ameriprise Financial4.85-4.0% Banesto4.80-5.0% Bank of Tokyo- Mitsubishi4.70-6.9% Bantleon Bank AG4.71-6.7% Barclays Capital4.80-5....
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