WASHINGTON — According to the National Association of Realtors, the first hints of stabilization in the housing market may be in the air.

Lawrence Yun, NAR chief economist, said a late-2007 rise in existing-home sales is a sign of stabilization. “Mortgage rates are near-historic lows and current data shows decelerating price declines, along with a modest reduction in the number of homes on the market,” Yun said. 

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