In the United States, the sales of previously owned homes in December rose much more than forecast. They increased by 12%. It seems that after a rough patch in sales due to the expiration of the home tax credit, the market has normalized and is continuing to work off the inventory through attractive lower prices. Helping the matter are low mortgage interest rates for qualified buyers. Since December, we have seen long term rates begin to rise, so it will be interesting to see how January and February figures may be affected by this. Nevertheless, it is encouraging to see a healthy level of activity in the national housing market.
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