The National Association of Realtors has announced that existing home sales were up 10% in September, even though sales economically distressed homes remained high. Existing home sales includes single-family homes, town homes, condominiums and cooperatives.
The Association's data showed that sales of foreclosed properties and short sale property was up one point, moving from 34% in August to 35% of existing homes sold in September. Foreclosed properties and short sales represented 29% of existing homes in September of last year, the NAR said.
"A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions," said NAR Chief Economist, Lawrence Yuh.
The Association also noted that the national median mortgage interest rate fell to a record low of 4.35% in September, down from 4.43% in August. In September 2009,. the national median mortgage interest rate stood at 5.06% in September 2009.