Sales of Existing U.S. Homes Probably Increased in April

Home resales in the U.S. probably rose in April as foreclosure auctions and improved affordability spurred bargain hunters, economists said before a report today.

Purchases of existing homes rose 2 percent to a 4.66 million annual pace from 4.57 million a month earlier, according to the median forecast in a Bloomberg News survey. Houses have sold at an average 4.6 million pace since November, raising speculation the market may be stabilizing after declining 38 percent from its peak in 2005.