Existing Home Sales Edge Lower

MarketWatch says according to the National Association of Realtors (NAR) sales of existing homes fell 1.5 percent in May because fewer inexpensive homes sold. The seasonally annual- adjusted rate (SAAR) of sales for the month hit 4.55 million, a drop from 4.62 million in April. Although sales were up 9.6 percent over May of 2011, sales continue well below the seven million pace before the housing bubble burst.

(Image credit: Wenatchee World/Mike Irwin)

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