Rising Home Sales Obscure Foreclosure Crisis
The ever-boosterish National Association of Realtors said this morning that sales of existing homes in the U.S. have risen for four consecutive months for the first time since 2004. Investors are cheering. “The housing market has decisively turned for the better,” said NAR chief economist Lawrence Yun in a statement. “A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said. Yes and no. It’s undoubtedly good news that home sales in devastated real estate markets such as San Diego and Orlando, Fla., are climbing. The increase also suggests that public policy aimed at luring first-time home buyers back into the water is having a positive…
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