Housing Market, September | featured news

Sales of previously owned homes rose more than expected in September, an industry group said on Monday, indicating the housing market was stabilizing at weaker levels.

The number of U.S. homes taken over by banks topped 100,000 for the first time in September, though foreclosures are expected to slow in coming months as lenders work through questionable paperwork, real estate data company RealtyTrac said on Thursday.

Sales of newly built U.S. single-family homes unexpectedly tumbled 3.6 percent in September in their first drop since March, but the inventory of new homes available at the end of the month shrank to the smallest in 27 years, government data showed on Wednesday.

Sales of previously owned U.S. homes surged to their highest level in more than two years in September, a survey showed on Friday, providing further evidence the housing market and economy were on the mend.

Construction of new homes edged up slightly in September, helped by a rebound in single-family construction. But applications for building permits fell by the largest amount in five months.