Today's Wall Street Journal article, Existing Home Sales Increase discusses the jump in home sales higher than expected in April as buyer took advantage of the first time home buyers credit. The rate climbed by 7.6% and acutalized over the a year to 5.77 million units as opposed to the estimate of 5.35 million. The expected rate was 6.8%.
Mortgage rates rose slightly to 5.10%, still low enough for buyers to be tempted to jump into the market. And good news for the Northeast as it showed the highest increase of sales to 21.1%.
Here is the but, with the tax break over the Nar economists are prediciting a continued slump in sales.
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