Sales of existing homes rose 1.7 percent in September to a seasonally adjusted annual rate of 4.75 million units, the National Association of Realtors reported Friday. “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery,” NAR Chief Economist Lawrence Yun said. “More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West.
--ABA Daily Newsbytes
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