Don't miss

Replay


LATEST SHOWS

TALKING EUROPE

EU: Is agriculture getting greener? (part 1)

Read more

TALKING EUROPE

EU: Is agriculture getting greener? (part 2)

Read more

FOCUS

A look at France's efforts to boost patriotism and social cohesion

Read more

ENCORE!

Cohen brothers' 'Hail, Caesar!' with George Clooney opens Berlin film festival

Read more

MIDDLE EAST MATTERS

War in Syria: The battle for Aleppo

Read more

FACE-OFF

Hollande plays last cards before 2017 presidential race

Read more

IN THE PAPERS

The stolen youth of refugee minors

Read more

IN THE PAPERS

Where were the MPs for the vote?

Read more

BUSINESS DAILY

Italy's banks under pressure over bad debts

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)