The Real Deal Miami

Home resales rise, but change isn’t permanent

October 24, 2008 01:33PM

The number of home resales rose 5.5 percent in September, the highest
rate in five years. The National Association of Realtors estimated that
35 to 40 percent of the resold homes were distressed. But the increase in home
resales is unlikely to continue as the credit crisis worsens, experts said. Meanwhile, as the number of sales of existing homes rose, their prices fell in September.