Sales of Existing Homes Dive

Centex(CTX Quote - Cramer on CTX - Stock Picks) lost 3% to $44.45, and Ryland(RYL Quote - Cramer on RYL - Stock Picks) gave back 2.5% to $44.61.

David Lereah, NAR's chief economist, said in a statement that he anticipated the drop.

"For the last couple months we've been expecting a weather 'hit' on home sales finalized in March, but looking at overall activity in the first quarter we see that existing-home sales averaged 6.41 million -- a figure that is moderately higher than the sales pace during the second half of 2006," he said.

"We also may be seeing some losses as a result of the subprime fallout," he continued. "However, this is masking improved fundamentals in the housing market, with lower mortgage interest rates and motivated sellers."

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