Encouraged by a variety of signs, fourteen economists surveyed by CNNMoney believe the housing market has finally turned the corner on its way back to health. Only three months ago half of those surveyed did not believe the turnaround would come until next year, or later. The economists cite three consecutive months of increases in the Case-Shiller home price index, gains in sales of existing homes and home construction, a rise in the price of new home sales and continuing record low mortgage rates. “We’re seeing the signs of a pulse in a sector that has been flat-lined for a number of years,” said Sean Snaith, economics professor at the University of Central Florida. Housing was a drain on the nation’s gross domestic product through early 2011, but beginning in Q4 2011, housing has been adding to growth. While lacking the robustness it exhibited pre-downturn, MHProNews has learned the housing market is at least providing some stability to the economy.
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