DATELINE: Across the U.S.A.
FLASH: Existing-home sales rise for the second straight month
According to the National Association of Realtors (NAR), sales of existing-homes rose to a seasonally adjusted annual rate of 4.77 million units in May, denoting a rise of 2.4% over the April figure. This is the second straight month of increase in sales of existing-homes, due to a plentiful supply of homes and availability of attractive mortgage rates. According to NAR, this is the first back-to-back rise since August and September 2005. “While sales may not have yet reached an absolute bottom, clearly a bottoming process is underway,” said Wachovia, a financial services firm.