US home prices will begin a gradual recovery by next year, according a survey of 92 economists and other housing analysts by MacroMarkets. Separately, the US Census Bureau reported that single-family housing starts in April surged to a seasonally adjusted annual rate of 593,000, up 10.2% from March. Ivy Zelman, chief executive of research firm Zelman & Associates, said builders stepped up production ahead of the April 30 deadline for sales qualifying for a federal tax credit, but since then have cut back.
Home prices projected to begin rebound in 2011
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