Home sales improve in May

Tuesday's report from the National Association of Realtors marked a fourth straight month sales of existing homes went up...and the median sales price went up too. A closer look shows how the past year has been.

Sales of existing homes rose by 38-thousand last month. That's a 9 percent increase. One-third of the sales was a foreclosure or distressed sale. And there are 3-point-8 million homes still on the market waiting to be sold.

Looking at the last year, increasing sales monthly since January. And May had the most sales since August.
But sales are still down six percent plus from a year ago.
Prices rebounded this past month as well -- four percent.
The highest median sales price since December. The median amount means half the homes sold for more, half for less.
And compared to a year ago, prices are still down almost 17 percent.

What's ahead? It's uncertain but analysts today said they don't expect unemployment or foreclosures to peak for another year.