Existing home sales show surprising monthly gain
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Nationwide existing-home sales surprisingly jumped 5.6 percent in December, according to the National Association of Realtors.
Still, the rate was 3.5 percent below December 2007.
Fueling the unexpected jump in sales was a plunge in home prices, which have fallen 15.3 percent.
Sales really picked up in the West and South regions, suggesting that buyers are picking up foreclosed properties and discounted prices. Lawrence Yun, the chief economist of the NAR, has recently stated that foreclosures and short sales make up between 35 and 40 percent of all sales.
In the South, existing-home sales rose 7.4 percent from November, but remained 11.2 percent below ...
