Existing U.S. home sales rise 7.4% last month to three-year high…

(Source: Bloomberg)

Sales of existing U.S. homes in November rose to the highest level in almost three years as first-time buyers rushed to take advantage of a government tax credit and lower prices.

Purchases increased 7.4 percent to a 6.54 million annual rate, exceeding the highest estimate of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington. Another report showed the economy grew a less-than-forecast 2.2 percent in the third quarter as companies cut stockpiles, pointing to manufacturing gains at the start of 2010.

Read the full article by Bob Willis, “U.S. Economy: Home Sales Exceed Forecasts as Buyers Seek Credit” at Bloomberg.com (Dec 22, 2009).

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