Existing-Home Sales Show Year-over-Year Gains

While existing home sales in February were 0.9% less than January, the year-over-year comparison shows an 8.8% increase over February 2011. The National Association of Realtors’ chief economist, Lawrence Yun, shares his thoughts as to the recent changes in the housing market: “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market. Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.” http://bit.ly/GIVEFA

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