Home sales rebound to early-2007 level

DOUBTS ABOUT RALLY LASTINGMarket still propped up by tax credits

By Dina ElBoghdady
Washington Post Staff Writer
Tuesday, November 24, 2009

Economists and policymakers got what they were looking for Monday: a clear uptick in the housing market. The catch is, few believe it's sustainable.
The National Association of Realtors reported that sales of existing single-family homes, townhomes and condominiums in October surged to a seasonally adjusted annual rate of 6.1 million units from 5.54 million in September -- making last month the strongest since February 2007. Sales were up 23.5 percent from last October.
Every piece of housing data is scrutinized these days because it was primarily the housing market that derailed the U.S. economy, and its recovery is key to restoring economic vitality.

Video: October home sales rise 10.1 percent from Sept.
Home sales far exceeded expectations last month, surging to the highest level in 2.5 years as first-time buyers rushed to take advantage of an expiring tax credit.(Nov. 23) (The Associated Press).