Data on existing home sales collected by the NationalAssociation of Realtors in September suggests that more Americansare cominginto the housing market but that fewer of them are able toqualify for finance to buy a home.

The NAR reported that existing home sales, which are completedtransactions that include single-family, town homes, condominiumsand co-ops, dropped 3% to a seasonally adjusted annual rate of 4.91million in September from an upwardly revised 5.06 million inAugust, but they still came in 11.3% above the 4.41 millionunit pace in September 2010.

Existing-homesales have bounced around this year, staying relatively closeto the current level in most months,” said Lawrence Yun, NAR chiefeconomist. “The irony is affordability conditions have improved tohistoric highs and more creditworthy borrowers are trying topurchase homes, but the share of contract failures is double thelevel of September 2010. Even so, the volume of successful buyersis higher than a year ago and is remaining fairly stable – thisspeaks to an unfulfilled demand.”

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