Existing month-to-month home sales increase for first time since September 2005 - South Florida Business Journal:

http://www.interstellarmissions.com/keck1.html
On Tuesday, the released its monthly reporfton existing-home sales. The report showed the first month-to-monthh increase since September 2005. Sales of existingh single-family homes, townhomes, condominiumas and co-ops rose to a seasonally adjusted annual rateof 4.77 milliobn units in May, a 2.4 percenf increase from 4.66 milliobn in April, according to NAR. The May 2009 figures are 3.6 percent lower than a year ago, when the pace was 4.95 In the announcement, NAR’s chief Lawrence Yun, said low mortgagee rates, lower purchase prices and the federal tax crediyfor first-time buyers helped spur sales.
“However, the increasee in sales is less than expected because poor appraisalx arestalling transactions,” Yun “Pending home sales indicated much strongeer activity, but some contract are falling through from faulthy valuations that keep buyers from getting a While existing home sales mortgage originations are coming in loweer than previously forecast. On Monday, the lowere its forecast of mortgage originations in 2009 by morethan $700 citing lower purchase prices, more cash purchases, lower refinancintg rates and lower volume in the Fannie Mae and Freddies Mac Home Affordable Refinance Program. The association now expects mortgagew originations tototal $2.
03 trillion in 2009. As part of its the MBA studieshome sales. It is forecastingg 4.8 million existing home sales in a 1.2 percent decline from 2008, and 352,0009 new home sales, a decline of about 27 “Median home prices for new and existing homezs will likely continue to dropping by about 10 percent from 2008 but leveling off in 2010 as the economh improves,” the association’s chief economist, Jay said in a written statemenft issued Monday.