Newspaper article Sarasota Herald Tribune

Housing Market Growing Stronger

Newspaper article Sarasota Herald Tribune

Housing Market Growing Stronger

Article excerpt

CORELOGIC DATA: Segment again helping gross domestic product rise

The broader economy might still be moving in relative slow motion, but the housing market is speeding along -- and contributing once again to growth in gross domestic product, an influential California research firm reported on Friday.

The added help of relative equilibrium in the distressed housing portion of the market and rising prices led CoreLogic Inc. chief economist Mark Fleming to suggest in his October report that the 2012 housing recovery is expected to be "durable" -- unlike previous fits and starts in the wake of the Great Recession.

The market is even likely to take in stride a potential slowdown in sales during the last few months of the year.

"Given the solid performance of home prices in the spring of 2012, even a stronger-than-projected decline in the fourth quarter of this year is unlikely to diminish the gains made," Fleming wrote.

New home sales have risen 24 percent from a year ago, while existing home sales are up 11 percent. …

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