U.S. existing home sales fall unexpectedly in May

WASHINGTON, June 22 (BestGrowthStock) – Sales of previously owned
U.S. homes fell unexpectedly in May as delays in processing
mortgage applications hampered the closing of contracts
benefiting from a popular homebuyer tax credit, an industry
group said on Tuesday.

The National Association of Realtors said sales fell 2.2
percent month over month to an annual rate of 5.66 million
units from an upwardly revised 5.79 million-unit pace in
April.

Analysts polled by Reuters expected May sales to rise 5.5
percent to a 6.12 million-unit pace from the previously
reported 5.77 million units in April.

Sales were expected to rise as transactions for existing
homes are measured at contract closing. Although the tax credit
for home buyers expired in April, qualified home owners have
until June 30 to close contracts.

Sales were up 19.2 percent compared to May last year.

Stock Market Money
(Reporting by Lucia Mutikani; editing by Jeffrey Benkoe)

U.S. existing home sales fall unexpectedly in May