Expectations rising for housing market's spring season
By Amy Sancetta, AP
New homes for sale in Pepper Pike, Ohio, near Cleveland.
"This spring will be the litmus test for housing demand," says Steven Ricchiuto, chief economist for Mizuho Securities USA.
The spring season typically runs March through June but may have started early this year because of unseasonably warm weather.
While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors.
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