Housing Sector Mixed on Home-Sales Report

That fabled housing recovery? Perhaps it was built on a foundation of sand.

The National Association of Realtors announced Tuesday that sales of previously occupied homes rose 2.4% to a seasonally adjusted annual rate of 4.77 million last month, from a downwardly revised pace of 4.66 million in April.

But while May marks the third monthly increase this year, those numbers still missed economists' expectations. Sales were expected to rise to an annual pace of 4.81 million units. ...