Don't miss

Replay


LATEST SHOWS

#TECH 24

Station F: Putting Paris on the global tech map

Read more

THE INTERVIEW

Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

FRANCE IN FOCUS

French education with a difference: Teachers who think outside the box

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more

FASHION

Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more

ENCORE!

Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more

REVISITED

Video: Threat of economic crisis still looms in Zimbabwe

Read more

BUSINESS DAILY

DAVOS 2017: Has the bubble burst?

Read more

BUSINESS DAILY

DAVOS 2017: Summit overshadowed by geopolitical changes

Read more

Business

US home sales surge as buyers rush to cash in on tax credits

Text by News Wires

Latest update : 2009-10-23

Existing US home sales surged 9.4 percent in September as consumers scrambled to take advantage of expiring tax breaks. Industry figures show sales are at their highest in over two years.

AFP - Existing US home sales surged 9.4 percent in September as consumers scrambled to take advantage of an expiring tax credit for first-time homebuyers, industry figures showed Friday.

The National Association of Realtors said sales of previously owned homes and apartments jumped to a seasonally adjusted annual rate of 5.57 million units, well ahead of expectations for a pace of 5.35 million.

The report showed sales at the highest level in over two years for the troubled sector at the epicenter of the global financial crisis.

"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said association chief economist Lawrence Yun.

"We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery."
 

Date created : 2009-10-23

COMMENT(S)