Existing home sales rose slightly in October -- which is the first rise since February -- although September was revised marginally higher.

Even though it is too early to suggest that resales have found a bottom after a 4% plunge in July to an annualized 6.33 million units, existing home sales have posted figures of 6.30 million in August, 6.21 million in September, and 6.24 million in October. The comparatively steady pace of demand in the last three months implies that the resale market is starting to stabilize. Furthermore, the situation seems somewhat brighter in the single-family sector, where sales increased by 1.3% in October, essentially retracing September's dip, and have held around 5.50 million units in three of the four months from July, reported RBS Greenwich Capital.

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