US Housing market shows signs of life
In the last six weeks the US economy as a whole has shown encouraging signs of improvement. This improvement has been attributed to a recent revitalization of the housing market. A survey by the Federal Reserve examined twelve districts and found existing home sales had improved in all of them. New home construction and sale had also improved, but not as much. This improvement, according to the survey, has been masking the stagnation in the rest of the economy. Thanks to the housing market, the US economy grew 1.3% during April and May of this year.