This article came out of the National Association of Realtors Economic Research Division website. The article was dated December 22, 2010.
“Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Associaton of Realtors.
Existing-home sales, which are completed transactions that include single-family, townhouses, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.

LAWRENCE YUN, NAR chief economist is hopeful for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable, he said. Yun added that home buyers are responding to improved affordability conditions. The relationship recently between mortgage interest rates, home prices and family income has been the MOST FAVORABLE ON RECORD FOR BUYING A HOME SINCE WE STARTED MEASURING IN 1970, he said. Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”