Existing home sales tank

Sales of existing homes in the United States fell 2.6 percent in April, according to data from the National Association of Realtors. The number of purchases reached the lowest level in nearly four years, and the stock of homes for sale was the highest it’s been since 1992. “The housing market correction won’t be resolved quickly,” said Kevin Logan, senior market economist at Dresdner Kleinwort. “We are in a situation where downward pressure on prices will persist and sales will be sluggish for some time.” more [Bloomberg]