Steady US Housing Recovery is Boosting Economy

Steady US Housing Recovery is Boosting Economy

In the latest evidence of "consistent gains" in the housing market, the National Association of Realtors announced Monday that sales of previously occupied homes "rose 2.1 percent in October to a seasonally adjusted annual rate of 4.79 million," the AP (11/20, Veiga, Rugaber) reports. The AP notes, "The housing market's recovery still has a long way to go. But for now, it's helping prop up an economy that's being squeezed by a global slowdown and looming spending cuts and tax increases." The Wall Street Journal (11/20, Timiraos, Subscription Publication, 2.08M) says that sales of previously owned homes are on pace to reach their highest level since 2007.