Home Sales Still Dropping

Despite predictions that the fall would be steeper, home sales still continue to drop in may, according to recent figures.  Still far below pace set in May 2010.

Sales of existing homes fell 3.8 percent in May, not as deep a drop as some had forecast, to a seasonally adjusted annual rate of 4.81 million units.

April’s figure was revised down to 5 million.

Potential homebuyers continue to be held back by tough credit standards and poor confidence. Sales activity was 15.3 percent below the pace set in May of 2010, when buyers were rushing to take advantage of the home buyer tax credit.

“Spiking gasoline prices along

Read More Here http://www.cnbc.com//id/43478610

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