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"The housing market is finding its bottom, and that will translate into more growth in GDP and less of a drag on consumer confidence"
- Robert Dye, chief economist at Comerica
U.S. existing home sales rose less than expected in November, signalling fragile real estate market recovery. The number of existing houses sold rose to an annual rate of 4.42 million, said the National Association of Realtors on Wednesday.
"The housing market is finding its bottom, and that will translate into more growth in GDP and less of a drag on consumer confidence," said Robert Dye, chief economist at Comerica in Dallas. "But we still have a long, long way to go."
"Perhaps signs of life are increasing for the housing market," said Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York.
"Housing is finally not going to be a drag on economic growth in 2012. That's not to say that risks don't abound. We know that there's a substantial shadow inventory of distressed properties that we're still waiting to come onto the market."