The Real Deal Miami

Encouraging home sales belie challenges

August 21, 2009 11:04AM

When construction of single-family homes rose for the fifth consecutive month in July, analysts were excited. And as projections show that August will mark the fourth consecutive month of growth in sales of existing homes, that excitement is holding strong, according to the Economist. But as the unemployment rate in the U.S. fails to rebound (the current rate is at 9.7 percent, according to public data), there is reason to believe that the housing recovery is tenuous. “We’ve finally found a level where people want to do deals,” Pamela Liebman, CEO of the Corcoran Group, said. But the Economist argues that fledgling U.S. unemployment figures and lack of available credit make that hard to maintain.