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November 23, 2010    

NAR reports fall in US homes sales in October

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by Kay Murchie
NAR reports fall in US homes sales in October

The National Association of Realtors (NAR) has today revealed sales of previously owned homes fell more than expected in October, following two months of strong gains.

The industry body said sales fell 2.2% to a seasonally adjusted annual unit rate of 4.43 million units, down from September’s 4.53 million units.

Commenting on today’s figures, Lawrence Yun, chief economist for the NAR, said the fall was partly attributed to last month’s freezing of foreclosure activity by some major banks.

Sales have fallen 25.9% over the last 12 months and the NAR expects sales to total around 4.8 million units for the whole of 2010.

In other news today, the Commerce Department revealed the US economy grew by 2.5% in the July to September period – much faster than the 2% previously estimated and higher than economists had forecast.

Today’s estimate is the second reading, a third and final estimate will be available next month.

GDP was revised upwards due to higher consumer spending and business investment.

However, despite the upward revision, unemployment remains stubbornly high and is hovering near the double digit mark.

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