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by CareyBot

The National Association of Realtors today reported that cheaper home prices and borrowing costs helped push sales of existing homes higher in September. According to NAR, existing-home sales (including single-family, townhomes, condominiums and co-ops) rose to a seasonally adjusted annual rate of 5.18 million units last month, up 5.5 percent from August and up 1.4 percent from September 2007."Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions," said Lawrence Yun, NAR's chief economist, in a statement. "These are pulling the median price down because many are being sold at discounted prices. The current market is not being dominated by speculative investors. Rather, 80 percent of cu...