Existing-home sales in the United States resumed growth in November 2010 after bottoming out in July, according to the National Association of Realtors.
Existing-home sales - completed transactions that include single-family, townhomes, condominiums, and co-ops - rose 5.6% to a seasonally adjusted annual rate of 4.68 million in November, up from 4.43 million in October. November was still 27.9% below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
“Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” said Lawrence Yun, NAR chief economist.
"The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” Yun said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”
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