Existing Homes Sales on the Rise

Existing Homes Sales on the Rise

Sales of previously owned U.S. homes rose more than anticipated in August as investors used cash to buy distressed properties. (At a personal level, I have come across numerous homes in a distressed situation with multiple offers waiting for a lender’s decision. This is becoming more of the norm than the exception.)

Purchases of existing houses, which are tabulated when a contract closes, increased 7.7 percent to a five-month high 5.03 million annual rate, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 4.75 million rate. (entire story)

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