Home resales rise, boding well for economy

The pace of sales for existing homes in April rose to its fastest in nearly two years and a falloff in foreclosures helped cause an unexpected jump in prices, hopeful signs for the country's economic recovery.

Home resales increased 3.4 percent to an annual rate of 4.62 million units last month, the National Association of Realtors said on Tuesday.

Housing has been one of the economy's weakest links as it recovers from the 2007-09 recession, but many economists think the sector will actually add to economic growth in 2012 for the first time since 2005.

The report on April resales supports that view and helps to dampen fears the recovery was stagnating after a report earlier this month showed tepid job growth in April.

Read Full Article from CNBC.com

- Posted: 2012-05-22 13:31:06

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