Don't miss

Replay


LATEST SHOWS

REPORTERS

The booming business of cannabis in Spain

Read more

EYE ON AFRICA

Tanzanian President dismisses almost 10,000 public servants over forged college certificates

Read more

MEDIAWATCH

French Election: Abstention, Anger & Apathy

Read more

THE WORLD THIS WEEK

Macron vs. Le Pen: France's bitter presidential run-off race (part 1)

Read more

THE WORLD THIS WEEK

Trump's First 100 Days, The Pope in Egypt (part 2)

Read more

FOCUS

Egypt's Coptic Christians targeted by Islamic State group

Read more

THE CAMPAIGN BEAT

France's wartime past takes centre stage in presidential campaign

Read more

#TECH 24

How one NGO is using 3D printers to improve disaster relief

Read more

REVISITED

What remains of Nicaragua’s revolution?

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)