The number of previously occupied homes sold in the U.S. dropped slightly to open the second quarter of the year, revealing the ongoing weakness in the housing market, although mortgage delinquencies have fallen, according to The Wall Street Journal.
The volume of sales of existing homes in the U.S. jumped by more than expected in the closing month of the first quarter, boosting hopes that the housing market may begin to recover, according to Reuters.
The volume of sales of previously owned homes in the U.S. fell sharply in the second month of the year despite home prices slipping to the lowest level in the better part of a decade, according to Reuters.
The U.S. data show sales of previously owned homes as well as a general guage of leading indicators both exceeded expectations and suggest the economic recovery is on solid footing heading into 2011, according to Bloomberg.
The U.S. housing market is expected to start improving in 2011 after bouncing along the bottom, although improvements are expected to be modest and to start only in the second half of the year, according to Bloomberg.