According to the National Real Estate Association (NAR), existing-home sales rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July. "The increase came even as overly tight credit, appraisal issues, and Hurricane Irene hampered markets. Some of the improvement might result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations," NAR Chief Economist Lawrence Yun says. Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, … (1 comments)
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