The housing market threw the world another curve on Thursday. After five straight months of declining sales of existing homes, a sixth dreary month was pretty generally expected. Instead the National Association of Realtors announced that February sales of previously-owned homes had jumped 5.2 percent from similar sales in January. This was the largest monthly increase in two years.
Wow, so much for the housing bubble bursting. All of the "experts" are wrong. The national love affair with real estate continues. NAR itself said that the encouraging report was a sign that the market was "stabilizing" and should "level out" in the months ahead.
Of course this jump in sales was preceded by six months of price declines. So eventually the market had to readjust remember NAR has a vested interest in keeping prices high and keeping people buying
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