Home sales improve in September

The National Association of Realtors (NAR) report that existing home sales improved slightly in September by 5.5% and the total inventory has fallen by 1.6%. According to NAR President Richard F. Gaylord, low home prices and low interest rates have been attracting buyers and this is the first time since November 2005 that home sales have been above year-ago levels. However, NAR chief economist Lawrence Yun, cautions that the credit markets are still unsettled and there could be market disruptions. The increased number of foreclosures and short sales have been contributing to lowering the median home price as these are being sold at discounted prices. Read more details at the Realtor web site