Sales of previously-owned US homes fell unexpectedly in May despite tax credits designed to encourage homebuyers, figures suggest. Sales fell 2.2% to 5.66 million after a surge in sales in April, the National Association of Realtors (NAR) said. Analysts had expected sales to rise. However, the NAR said sales were still strong and 19% higher than a year ago. The group's chief economist, Lawrence Yun, said tax credits would continue to boost sales next month. We are witnessing the ongoing effects of the home buyer tax credit, which we'll also see in June real estate closings, he said. But the number of home sales this month may be affected by delays in mortgage deals, he explained.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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