Resales 3rd-Best Ever in September

Existing-home sales rebounded in September as buyers took advantage of lower interest rates.According to the National Association of Realtors, existing homes sold at an annual rate of 6.75 million units in September, a 3% gain from August and 1% higher than in the same month of last year. September's home sales reading was the third-best ever, the trade group said. NAR economist David Lereah noted that interest rates have been "fairly stable over the last month, hovering near generational lows." Mr. Lereah said continued low rates are increasing the purchasing power of homebuyers "trying to get into the market." Greenwich Capital economist Steve Stanley said September's sales figures underscore "the stellar underlying demand" for housing. At deadline time, the yield on the 10-year Treasury note was still under 4%. The NAR can be found on the Internet at http://realtor.org.