Resales of existing homes and condos fell 3% in April to a seasonally adjusted annual rate of 4.57 million, with distressed sales now accounting for half of all sales, a trade group reported Thursday. Sales are down 7.1% in the past year, the National Association of Realtors said .First-time buyers accounted for 53% of buyers in March, the group said. First-time buyers can get thousands in subsidies from the federal and state governments. Sales were weaker than the 4.63 million pace expected by economists surveyed by MarketWatch. Median sales prices have fallen 12.4% in the past year, the group said.
