Existing Home Sales in U.S. Unexpectedly Fell to 5.66 Million Rate in May

By Shobhana Chandra

June 22 (Bloomberg) -- Sales of U.S. previously owned homes unexpectedly fell in May, a sign demand was probably pulled into prior months before a June tax-credit deadline.

Purchases of existing houses, which are tabulated when a contract closes, decreased 2.2 percent to a 5.66 million annual rate, figures from the National Association of Realtors showed today in Washington. To receive a government incentive worth as much as $8,000, buyers must have signed contracts by the end of April and need to complete deals by the end of this month.

The decline raises the risk the retrenchment following the expiration of the tax credit will be deeper than anticipated. A slump in builder shares since late April has exceeded the retreat in the broader market on concern the damage from the end of government stimulus, mounting foreclosures and unemployment may cause renewed weakness.

“Housing is extremely weak and vulnerable,” John Herrmann, a senior fixed-income strategist at State Street Global Markets in Boston, said before the report. “We’re heading into a soft patch.”

Stocks fell following the report. The Standard & Poor’s 500 Index dropped 0.1 percent to 1,112.51 at 10:05 a.m. in New York. Treasury securities climbed.

Existing home sales were forecast to rise to a 6.12 million rate, according to the median forecast of 74 economists in a Bloomberg News survey. Estimates ranged from 5.2 million to 6.5 million. The group revised April’s sales rate up to a 5.79 million pace from the 5.77 million rate previously reported. ..........(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=ayAF7R52CSAc&pos=1

...investors trying to get in low and rent or sell again later.

Judges are getting hip to this...

"Assignment of Mortgage"

Witnessed, Notarized, and......unsigned.

http://www.scribd.com/doc/32979257/Cheryl-Samons-David-J-Stern

The house got sold for one dollar.