The housing slump can't end until home sellers cut their prices by enough to lure large numbers of buyers back into the market. At long last, that seems to have started happening.
More existing homes were sold last month than had been sold a year earlier, the National Association of Realtors reported this morning. It's the first such increase since late 2005. (An "existing home" is one that was previously owned by someone else -- as opposed to a newly built home.)