Based on an online arcticle from CnnMoney.com by Ben Rooney home buyers are taking advantage of plummeting home prices. Here is an excerpt.
The National Association of Realtors (NAR) said Thursday that the number of existing homes sold during May rose 2% to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.
But sales remain 16% below the 5.93 million-unit pace in May 2007, the report showed. And Thursday's report marks only the second time in 10 months that sales have increased.
Analysts were expecting the sales rate to increase to 4.95 million last month, according to a consensus of analysts' estimates gathered by Briefing.com.
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