Existing Home Sales Jump 5.1 %

(AP)  A real estate group says sales of existing homes rose from January to February in an unexpected boost for the slumping U.S. housing market as buyers took advantage of deep discounts on foreclosures.

The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003.

Sales had been expected to fall to an annual pace of 4.45 million units, according to Thomson Reuters.

The median sales price plunged to $165,400, down 15.5 percent from $195,800 a year earlier. That was the second-lowest drop on record.

Prices are down about 28 percent from their peak in July 2006.

[templer003]

I am wondering, are these actuel sales from one party to another, or are they refinanceing??
My second question is, IF these are in fact sales, are they to American people or to some one in another country???

[SusanStoHelit]

It's a recovery - people are buying houses - that's an improvement over people not buying. Yes, they're foreclosures, and other houses - but this keeps the housing prices from going down so much. We just sold ours. And we bought a great bargain.

[Mogul7]

OH, and Rish Limbaugh is the worst nightmare of ANY self respecting American. He is a repugnant ass of a human. I am not at all taking ANY of HIS slant on anything koko98... just to be clear about THAT.

M7

[Mogul7]

Not if you consider that they are saying IN THE ARTCLE that it is due to people taking advantage of foreclosures! That is not recovery. That is settlement of bad loans via loss of material wealth. Then there is the wave of bankruptcies that will follow to get rid of the debt that the consumers will have built up and have no means of shedding ( other than bankruptcy.) What is happening is that the misdeeds of the rich and famous are being expunged. The misdeeds of the small and weak are being burned into their hides. Joe Consumer loses again to the corporate bigwigs. This news should have been expected. Its foreclosure, for crying out loud!

[koko98-2009]

With this news and the stock market climbing, could this be Rush's worst nightmare, an Obama recovery?