Sales Of U.S. Existing Homes Increase As Market Stabilizes

May 22, 2012

in News

Sales Of U.S. Existing Homes Increase As Market Stabilizes

Sales of existing U.S homes rose in April for the first time in three months, indicating the industry is stabilizing. Purchases of previously owned houses, tabulated when a contract closes, increased 3.4 percent to a 4.62 million annual rate, figures from the National Association of Realtors showed. Gains in employment, depressed prices and record-low mortgage rates may bring more properties within reach of buyers, eliminating a source weakness for the world’s largest economy just as risks from Europe’s debt crisis climb. At the same time, efforts to reduce foreclosures and free up financing are just beginning to take root, signaling a sustained housing recovery will take time to develop. “Encouraging signs are emerging,” said Michael Moran, chief economist at Daiwa Capital Markets America. “The sector is far from vigorous, but the headwind that has restrained the expansion seems to have largely ended.” [Read this article]

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