"At first glance, Wednesday’s report that sales of existing homes gained by just 0.6% in April, after adjusting for seasonal factors, seems unremarkable."
"In California, home sales fell by 4% in April from one year earlier, according to real-estate data firm PropertyRadar, but this headline masks big changes. Distressed-property sales fell by 39.4% from a year earlier, while sales of non-distressed homes rose by 36.6%. When or whether the non-distressed component can offset the decline in the distressed component will be an important milestone in a housing recovery."