Data show housing market starting to recover

[Peacetrain]

Data show housing market starting to recover
AP

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By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – 1 hr 9 mins ago

WASHINGTON – The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday show.

Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.

"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc.

[Warpy]

1. I have a feeling people with money are picking up foreclosures

with an eye toward cleaning them up and making them rental units.

It's just a wild guess, of course, but I don't see the housing market recovering until and unless people can count on having jobs that pay enough to pay a mortgage.

[havocmom]

2. That makes a lot of sense

Regular people haven't suddenly come into wages keeping up with the cost of living with enough left over to go house shopping.

And didn't we just hear the bailed out banks were not making loans with all OUR money, they are paying off THEIR debt for those questionable acquisitions that helped get them in a bind.

Ownership Society conditions from bush/cheney era = the rich get to own more and squeeze workers from more directions.

[redqueen]

4. Exactly what I was thinking.

Until the job situation turns around, any uptick in the housing market is meaningless as an indicator of the economy as a whole.

[BR_Parkway]

3. since 2004? during the boom? that seems sort of odd, but many of

the real estate reporting and predictions for the past few years seem to have no basis in reality

It was a feeding frenzy out there in 2005-2007, but this is the first time they've had an increase in activity like this since 2004

[HOLOS]

5. hope