Single-family existing home sales unexpectedly jumped 7% in December from November but prices continue to slide as nearly half of all sales involved foreclosed houses.

The National Association of Realtors (NAR) reported that sales of previously owned homes rose from a seasonally adjusted annual rate of 4 million in November to 4.26 million in December. The recent drop in mortgage rates really did not affect December sales so it may be a good sign that sales will rebound in the months ahead.

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