Home prices, sales accelerate

Argus Leader - Business: " U.S. existing home sales soared to the second-highest pace on record in August, while prices took the biggest annual jump in 26 years, the National Association of Realtors said Monday.

Separately, Federal Reserve Chairman Alan Greenspan said froth in home sales might have spilled over into mortgage markets, with borrowers opting for exotic products such as interest-only loans. But he said most homeowners had enough equity to weather a possible downturn.

The Realtors said sales of existing condos, single-family homes, and co-ops rose 2 percent in August from July to a seasonally adjusted annual rate of 7.29 million. That's 7.8 percent above August 2004 and second only to June's 7.35 million rate"
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