Sales of U.S. Existing Homes Increased More Than Forecast
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Sales of previously owned U.S. homes rose more than anticipated in August as investors scooped up distressed properties with cash.
The 7.7 percent increase left purchases at a five-month high 5.03 million annual rate, the National Association of Realtors said today in Washington. The August pace compares with a peak of 7.08 million in 2005, before the housing boom turned into a subprime-mortgage bust that dragged the economy into an 18-month recession.