U.S. home resales tumble in May

Sales of existing U.S. homes fell to a two-year low in May, according to data from the (U.S.) National Association of Realtors. Sales fell by 3.4 percent to an annualized rate of 5.41 million units. In a Reuters poll, economists on average projected a rate of 5.4 million units. On a year-over-year basis, home resales were down 8.6 percent.