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Location: Nashville, Tennessee, United States

10/27/2003

Economic Recovery Update
Homes sales surged in September:

The U.S. housing market strengthened in September, according to separate reports Monday from the government and the nation's Realtors, defying expectations of a slowdown.

A report from the National Association of Realtors (NAR) showed sales of previously owned homes rose 3.6 percent to a record annual rate of 6.69 million units in September. Economists, on average, expected a pace of 6.3 million units, according to Briefing.com.

Separately, the Commerce Department said sales of new homes fell 0.2 percent to an annual pace of 1,145,000 units from August's pace of 1,147,000. Economists, on average, expected a pace of 1,110,000 units, according to Briefing.com.

"We knew the September pace for existing-home sales was going to be a big number, but after setting records in July and August we thought the pace might start to slow," NAR chief economist David Lereah said. "This underscores the powerful fundamentals that are driving the housing market -- household growth, low interest rates and an improving economy."
You know who I blame. I blame the Bush tax cuts!