Home sales rise to highest level in 2.5 years

[HughMoran]

10.1 percent increase beat analyst expectations by more than sevenfold

BREAKING NEWS
updated 3 minutes ago

WASHINGTON - Home resales far exceeded expectations last month, surging to the highest level in two and a half years as first-time buyers rushed to take advantage of an expiring tax credit.

The National Association of Realtors reported that sales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.

It was the highest sales level since February 2007. Sales, which were nearly 24 percent above last year's level, had been expected to rise to an annual pace of 5.65 million, according to economists surveyed by Thomson Reuters.

The median sales price was $173,100 down 7.1 percent from a year earlier, and off 1.6 percent from September.

Analysts had been expecting a 1.4 percent increase in sales.

...

http://www.msnbc.msn.com/id/34105403/ns/business-real_estate/

Read this on my BB on my morning "bathroom break" - lol

[HughMoran]

1. unrec on what looks like good news!

:party:

[NYC_SKP]

2. It's probably that last part.

TMI!

:party:

K&R

[HughMoran]

3. Hah!

I doubt they read more than the headline ;)

[liberal N proud]

4. Yeah, the housing bubble is returning

:bounce:






:sarcasm:

[HughMoran]

8. Pop!

...any time now...

[Barack_America]

5. More proof that the Stimulus hasn't worked!

Particularly that useless first-time home buyers tax credit!

Unfortunately, I don't see how this good new can be sustained once the credit runs out and more recent waves of foreclosed homes reach the market. But, the Stimulus has done its part, no doubt about that. If only the goddamned banks had done their part regarding foreclosures and extension of TARP money as credit.

[HughMoran]

7. Dunno, but strangely car sales bounced back after an initial dip when clunkers expired

"Demand" (especially the pent-up variety) is a strange thing and has an emotional element that's very difficult to predict.

[kestrel91316]

6. Obama is such a FAILURE.........

[HughMoran]

9. kick

for bad news...