Lawrence Yun

Foreclosure Resales Boost Existing Home Sales 

Sales of existing homes increased in May, beating analyst expectations, as an increasing volume of distressed real estate sales — including REO and borrower short-sales — helped resales edge up 2 percent to a 4.99 million annual rate, according to statistics released Thursday morning by the National Association of Realtors. The May estimate is still 15.9 percent off from last year’s pace, however, the group said in a press statement.