May saw an unexpected drop in existing-home sales

06/22/2010 | National Public Radio

Sales of existing homes took an unexpected dip in May, leading to increased worries about the already-tenuous housing sector. Economists had expected sales to increase as buyers rushed to close in time for an $8,000 federal tax credit. Instead, sales fell 2.2%, suggesting that "even government stimulus in the form of a tax credit isn't enough" to prop up the housing market, according to one analyst.

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