Tuesday, January 27, 2009

Price Cuts Spur Home Sales

BOUNCE: Falling prices in hard-hit places like Henderson, Nev., near Las Vegas, have helped stimulate home sales.

The Wall Street Journal - U.S. home sales registered their biggest monthly jump in nearly seven years in December, as cratering prices began to draw out more buyers and several major housing markets showed some signs of stabilizing.

The 6.5% rise in sales from November was attributed in part to strong sales of foreclosed homes. Economists say it is too early to suggest that broad improvement is at hand, though, and warned that the spring buying season is likely to be sluggish amid growing economic hardship. Indeed, the employment picture continued to darken Monday as U.S. employers announced at least another 65,000 layoffs. (See related article.)http://online.wsj.com/article/SB123298209359015631.html?mod=testMod

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