Like the economy, the housing market seems on the threshold of recovery. But it might not cross it soon.This week brings a fresh slew of housing data. The Standard & Poor’s/Case-Shiller home-price index for March is due Tuesday, the National Association of Realtors releases April home-resale data Wednesday, and the Census Bureau releases new-home-sales numbers Thursday.A consensus is forming that home sales and construction are at long last bottoming and may soon rise. Economists largely expect this week’s numbers to affirm that notion. A full recovery for housing, and maybe the broader economy, depends on a third step: Prices must stop falling. On that front, as with other economic data, the “second derivative” is improving — things are still getting worse, but at a slower rate.
By Mark Gongloff, May 26, 2009, WSJ

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