Existing Home Sales Rose 10 Percent

by bkrigbaum@solagroup.com








The National Association of Realtors
released positive numbers this week: Existing home sales rose 10
percent in September to a seasonally adjusted annual rate of 4.53
million.

“A housing recovery is taking place but will be choppy at
times depending on the duration and impact of a foreclosure moratorium.
But the overall direction should be a gradual rising trend in home
sales with buyers responding to historically low mortgage interest
rates and very favorable affordability conditions,” said
Lawrence Yun, chief economist, NAR.

This news comes the same week the U.S. Department of Commerce release
numbers about new home sales rising 6.6 percent in
September
.

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