Sales of U.S. Existing Homes Increase

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Sept. 21 (Bloomberg) -- Sales of previously owned U.S. homes rose more than anticipated in August as investors used cash to buy distressed properties. Purchases of existing houses, which are tabulated when a contract closes, increased 7.7 percent to a five-month high 5.03 million annual rate, figures from the National Association of Realtors showed today in Washington. Michael McKee reports on Bloomberg Television's "InBusiness with Margaret Brennan."(Source: Bloomberg)

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