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Home Builders See Turnaround in '13

The U.S. housing market will begin to mount a turnaround this year, building toward a solid recovery in 2013, according to a forecast issued Wednesday by the chief economist of a homebuilding industry trade group.

The outlook by National Association of Home Builders chief economist David Crowe calls for U.S. sales of new homes and single-family home construction to improve this year compared to 2011, when they hit record lows. "I'm looking at 2012 as sort of a ramping event to get a much more solid recovery in 2013," Crowe said in a telephone interview.

The economist, who presented his forecast at the trade association's annual conference in Orlando, sees sales of new, single-family homes climbing 19 percent this year to 360,000, up from 303,000 last year.

Next year, he expects those sales to rise by a whopping 40 percent to 505,000

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