October housing market

October’s existing home sales surged 10.1%, exceeding expectations and reaching the highest level since February 2007. The National Association of Realtors indicated that the unprecedented rise was likely due to buyers trying to beat the tax credit’s original deadline. For more details, visit cnnmoney.com.

According to BusinessWeek.com, today’s existing home sales report has already had positive effects: the data encouraged stock market traders and lifted equities.

Real estate experts Diana Olick, Steve Liesman, and Rick Santelli discuss the specifics of today’s report, agreeing that October’s numbers include several “good signs.” Click below to listen to their insight.