Tax Credit Gives a Lift to Housing

(From the N.Y. Times) Data released on Tuesday indicated that the economic recovery, while still uneven, has carried into the end of the year, and analysts expect it to gain strength, a view seconded by investors.

The fragile housing sector showed signs of firming up, according to a report from the National Association of Realtors, with existing home sales climbing a greater-than-expected 7.4 percent in November, to a seasonally adjusted annual rate of 6.54 million, up from 6.09 million in October.

Economists cautioned that the results reflected a rush to take advantage of an $8,000 tax credit for first-time home buyers and would probably taper off in December.

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