Freddie Mac-No Politics (FMCC)

[hillaryha64]

HOME SALES REPORT MAY HELP FMCC UP TODAY

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Ahead of the Bell: US Home Sales

Wednesday, May 22 2013

WASHINGTON (AP) -- A report Wednesday on U.S. sales of previously occupied homes in April may show the housing recovery has crossed a critical threshold.

Economists forecast that home sales rose in April from March to a seasonally adjusted annual rate of nearly 5 million, according to a survey by FactSet. If correct, that would mark the first time the pace has reached that point in 3½ years.

The National Association of Realtors will release the report at 10 a.m. EDT Wednesday.

Sales have gradually increased over the past year, helped by solid job gains and near record-low mortgage rates. In March, they were 10.3 percent higher than a year earlier.

The housing recovery helped Home Depot Inc. post a big gain in first-quarter net income, the company said Tuesday. Its quarterly profits rose 18 percent. The company also raised its full-year revenue and earnings forecasts.

Rising demand and limited supply have encouraged builders to boost construction. Applications for building permits rose in April to the highest level in nearly five years. And U.S. builders started work on more new homes and apartments in April compared with the same month a year earlier.
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