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There have been other recent signs that the housing market is going strong. A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 1/2 years. That suggests sales of previously occupied homes will keep rising in the coming months. Steady increases in prices help fuel the housing recovery. They encourage some homeowners to sell homes and entice some would-be buyers to purchase homes before prices rise further. Higher prices can also make homeowners feel wealthier. That can encourage more consumer spending, which drives 70 percent of the U.S. economy.
[Associated
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