January 21, 2011
The Post reported on the better than expected numbers on existing home sales reported for December. It told readers that:
“Low interest rates, relatively affordable prices and tentative optimism about the economy helped lure buyers in December.”
Actually, the data on existing home sales reports on closed sales in December. It generally takes 6-8 weeks between when a house contract is signed and when the sales are closed. This means that the December data reflect attitudes in October and early November, not December.
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