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Existing-homes sales have been up against unfavorable odds including inventory shortages, soaring home price appreciation, and stagnant household income growth. However, they defied those odds and came out on top for the second consecutive month.
The National Association of Realtors reported that existing-home sales rose 1 point 7 percent in April to a seasonally adjusted annual rate of 5 point 45 million. March's total was revised to 5 point 36 million and sales are now up 6 percent year-over-year in April. Single-family home sales rose 0 point 6 percent to a seasonally adjusted annual rate of 4 point 81 million in April from 4 point 78 million in March, and are now 6 point 2 percent higher than the 4 point 53 million pace a year ago.
Fed Governor Daniel K. Tarullo clarified what the agency's role is and is not in regulating insurance companies and how too big to fail companies will be addressed in the near future. He said quote If the positions of the insurance company are large enough, it could become a potential vehicle for transmitting distress at the company to other parts of the financial system. The Fed should distinguish between insurance companies that we oversee solely because they own an insured depository institution and those that have been designated as systemically important by the FSOC. This is precisely the path we are taking with regard to our supervision of these firms close quote.
