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WASHINGTON (Reuters) - Sales of previously owned U.S. homes rose at their fastest pace in nearly six years in February, data showed on Monday, providing some good news for the recession hit-economy.
Sales rose 5.1 percent in February to a 4.72 million-unit annual rate, notching their largest gain since July 2003, the National Association of Realtors said, but about 45 percent of the sales were foreclosure or short-sale transactions.
Economists polled by Reuters were expecting home resales to slip to a 4.45 million-unit pace, from the 4.49 million rate initially reported for January.
"Our analysis shows that distressed homes typically are selling for 20 percent less than normal market price, and this naturally is drawing down the median price," said Lawrence Yun, NAR chief economist.
The median national home price declined 15.5 percent from a year ago to $165,400, the second biggest decline on record.
Originally posted by detachedindividual
I don't trust any official figures, everything is manipulated and massaged to benefit whoever needs it. It's all a part of the same confidence trick, duping gullible and greedy people into giving up their cash and "trusting" that everything will work out fine.
Nothing has changed, nothing is improving, this collapse is far from over.
Some might hate me for saying it, but as a single man who has been completely priced out of owning my own home and spends over 60% of my income on rent alone, I can't wait to see the entire housing market completely collapse into dust.
Unlike the generation above me, I don't want to make hundreds of thousands on my property, I just want a roof over my head. They've all had it too good for far too long and robbed people like me of having my own modest home. They've inflated the housing market beyond the reach of an entire generation of people, and it's time for some payback.
Bring on the housing collapse. When the row of decrepit houses on my street are priced below what they're actually worth maybe then I'll finally have a chance of owning one!
Originally posted by HangTheTraitors
Its nice to begin hearing GOOD NEWS now for a change after living through the DISASTER that our last Republican did to this country.
Always takes a Democrat Presidency to repair the country from a Republican Presidents MESS.edit on 5-3-2012 by HangTheTraitors because: (no reason given)