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Financial News Network
September 24, 2012 AT 2:55 PM
The National Association of Realtors out with some heartening economic news today as the sales of existing homes surged in August. The group reported a 7.8% rise in existing home sales in August, when compared to July. In addition, the 4.82 million home sold was a 9.3% increase over August 2011. According to a MarketWatch poll of economists, the average estimate for last month was only 4.6 million existing home sales. The NAR says that despite difficulties in obtaining mortgages, the strong demand for housing is pushing up sales.