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Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors. Lawrence Yun, National Association of Realtors chief economist, expects the improving sales pattern to continue. Existing-home sales have risen in six of the past eight months, so were clearly on a recovery path, he said. With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.
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