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Housing market on upswing

Housing market on upswing

Posted: Tuesday, May 29, 2012 7:00 pm

WASHINGTON (AP) — Americans are buying more homes in every region of the country, the latest indication that the housing market could be on the mend.
An increasing portion of those sales are from first-time buyers, who are critical to a housing recovery.
Sales of previously occupied homes rose 3.4 percent in April from March to a seasonally adjusted annual rate of 4.62 million, the National Association of Realtors said last week. That nearly matches January’s pace of 4.63 million — the best in two years. It is still well below the nearly 6 million that most economists equate with healthy markets.
A pickup in hiring has combined with lower mortgage rates and lower home prices in most markets to make home purchases more attractive. Many economists say the market has a long way to go, but most said the April sales report was encouraging.

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