Stocks Rise on Hope for Housing Bottom

As the AP just reported, Wall Street advanced today after the National Association of Realtors reported existing homes fell less than forecast.

I think this is the beginning of information bearing out what we have seen in the last 4 to 6 weeks. Market is bottoming and crawling along the bottom with first time buyers taking advantage of low prices and favorable rates. This will probably continue for another one to two months. Then we could see a healthier spring market. Current inventory that has been price adjusted is now selling to the first time home buyers taking advantage of low rates and the fact they do not need to sell their home.