Home sales up 2% in October

Achingly slowly, the housing "rebound" is gaining steam. October's figures on previously owned home sales is 11% over last year, and 2% over September's figures. CNNMoney: Existing home sales rose to an annual rate of 4.79 million, seasonally adjusted, reported the National Association of Realtors on Monday. That's up 2.1% from September, when the revised annual rate of existing home sales was 4.69 million. And it's an increase of 11% year-over-year, when the annual rate was 4.32 million. That was also stronger than the forecast from analysts at Briefing.com, which called for an annual rate of 4.7 million existing home sales in October. The National Association of Realtors said that sales had gone up nationwide, "even with some regional impact from Hurricane Sandy," the deadly storm that caused massive disruptions in the Northeast at the end of October. Lawrence Yun, the association's chief economist, said the market is being driven by "growing demand with limited...(Read Full Post)