Analysts greeted the tiny May increase in existing-home sales with minimal cheer. I guess they were looking for something more dramatic.

In fact, they didn’t understand the meaning of the little uptick.

It was a miracle. It is miraculous that any homes are sold in America.

The same generous folks who lent so much money during the boom – the same people who inspired the phrase NINJA loan, for No Income, No Job, no Assets – are now exercising so much diligence that it is a miracle any home sales close.

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