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Sales of existing homes rose 6.5 percent

January 26, 2009

Leslie Ransom Founding Partner

Leslie Ransom Founding Partner

Article and video clip submitted by Leslie Ransom, Founding Partner.

Sales of existing homes rose 6.5 percent from November to December, closing out the worst year for the U.S. real estate market in more than a decade, an industry trade group said Monday.
CNBC reports the National Association of Realtors December numbers
Please click here to see the video clip where CNBC reports the National Association of Realtors December numbers

Analysts saw hope in the apparent pickup in housing sales and attributed the gain to lower mortgage rates.

But they cautioned that the trend would need to continue to represent a real move for the market off its low point.
“This is the first time in a while that we have seen a return to normalcy in the relationship between lower mortgage rates and increased sales. That’s good news, but it may be too soon to get really excited yet,” said Michael Schenk, senior economist at Credit Union National Association in Madison, Wisc.
“While further liquidations are likely in the months ahead, the price adjustments now underway represent a crucial step toward stabilization of the housing market,” David Resler, chief economist at Nomura Securities, wrote in a research note.
Analysts reckon that the economy might not emerge from the year-long slump unless the housing market, the main trigger of the global financial and economic turmoil, starts stabilizing.
For the entire article and the video clip, please click here.
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