HOME SALES RACE TO MORE THAN 9 1/2 YEAR HIGH:
U.S. Home resales rose in October to their highest level in more than 9-1/2 years as home buyers, buoyed by an improving labor market, took advantage of still-low mortgage rates to snatch up properties after many were shut out during the busy summer selling season.
The jump in sales was further evidence of a pickup in economic growth early in the fourth quarter.
"You have to be pretty confident to buy a house," said Chris Rupkey, chief economist at muff union bank in New York. "Consumers certainly were in October, showing no hesitation whatsoever ahead of the presidential elections with its often harsh rhetoric and focus on all the things wrong with the economy."