Lawrence Yun comments on the increase in home sales

On Monday, the mainstream media made a big deal about the fact that month-over-month existing home sales were up in February. The Dow Jones Industrial Average rallied almost 500 points on Monday, mostly because of Tim Geithner's already-expected financial stability plan, but also because of the increase in home sales.

Here is what NAR economist Lawrence Yun had to say about the increase in February existing home sales:

The latest reading on home sales further confirms stabilizing trends. Existing home sales increased 2.9 percent in February to a 5.03 million unit pace from a 4.89 million unit pace in January. ...

The economy is also anticipated to pick up momentum in the second half of the year, which will help lift consumer confidence.

In summary, today's rising sales data is encouraging in at least hinting that we are very close to the low point for home sales.

Sounds like a possible housing bottom, doesn't it? There's only one problem: the quote is a year old. That's right, exactly one year ago this week NAR reported that month-over-month home sales had increased in February, and an economic recovery was expected in the second half of the year. It's déjà vu all over again.