The NAR’s chief economist noted:
The spring home buying season looks bright because of an elevated level of contract offers so far this year. If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.
Contract cancellations have played havoc with homebuilders in the past couple of months, so the NAR’s optimism may be too early.
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