Us existing home sales rise in november

US existing home sales rose 4% to 4.42 million on an annualised basis in November, according to the National Association of Realtors (NAR).

The NAR also admitted it had over-reported the number of used homes sold in the US by 14.3% from 2007 to 2010.

It claimed around half the discrepancy was due to lower sales by property owners than previously thought.

These sales are not recorded by agents and national estimates began to diverge, said the NAR.

Source: BBC.co.uk