10.1% increase beats analyst expectations sevenfold.
According
to an online news article by the Associated Press through MSNBC, home sales 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 the expiring $8,000 tax credit.
This
week, the National Association of Realtors said home resales 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.
The
tax credit of up to $8,000 for first-time homeowners was originally set to run
out Nov. 30, but Congress renewed it earlier this month and broadened its
reach. People who have owned their current homes for at least five years can
now claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers
must sign a purchase agreement by April 30.
Read
the full story at MSNBC.msn.com >>Links
