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Sales Of Existing Homes Rose 5.6% in November

"Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July," the National Association of Realtors just reported.

It says that sales of single-family homes, townhouses, condominiums and co-ops rose 5.6 percent from October, to a seasonally adjusted annual rate of 4.68 million. Sales have now risen in three of the past four months, though they remain well below the 6.49 million pace of November 2009 — when tax incentives gave the market a boost.

In a statement, NAR chief economist Lawrence Yun says that "continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable."