"We're starting to see improvement in some of the key leading housing indicators"
- Carl Riccadonna, a senior U.S. economist at Deutsche Bank Securities Inc.
Sales of existing U.S. homes rose for a third consecutive month in December, a sign the housing market is gaining momentum. Purchases grew 5 per cent to a 4.61 million annual rate, said the National Association of Realtors on Friday.
"We're starting to see improvement in some of the key leading housing indicators," Carl Riccadonna, a senior U.S. economist at Deutsche Bank Securities Inc. in New York.
"First you have to see a recovery in the economy, then consumers have to register improving economic conditions, which seems to be happening already, and then they have to go and start looking for homes."
"December was a nice finish to a tough year in 2011," Lawrence Yun, the group's chief economist said on Friday. "If that can be sustained, we are talking about a genuine recovery in 2012."
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