On Monday, the National Association of Realtors (NAR) announced
that home sales continued their upward momentum throughout October.
After adjusting their estimates for September downward following
reports last month, the uptick in October reverses skepticism that
many analysts had been feeling about the housing market.
"Altogether, the report is encouraging. Our view is that housing
is in a recovery phase," said Michael Gapen, an economist at
Barclays Capital, said in a story to The Associated Press on
Monday. He added that though the overall economy is showing
increased signs of health, Gapen believes it will be restrained by
limited credit and modest job gains.