HOME SALES LIVELIEST IN 13 YEARS

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, January 27, 1993                   TAG: 9301270060
SECTION: BUSINESS                    PAGE: A7   EDITION: METRO 
SOURCE: Associated Press
DATELINE: WASHINGTON                                LENGTH: Short
HOME SALES LIVELIEST IN 13 YEARS
Buyers rushed to purchase existing homes in December and helped push sales to their highest level in more than 13 years, a real estate trade group said Tuesday.
"Buyers are out in force," said William S. Chee, president of the National Association of Realtors. "They're making up for lost time."
The flurry of activity helped boost sales of existing homes for the year 8.7 percent, to 3.5 million units. It was the biggest annual increase since a 10.8 percent advance in 1985 and the most sales since 3.51 million homes in 1988.
Sales in December were up 5 percent to 4.02 million units at a seasonally adjusted annual rate, the largest number since a 4.09 million rate in May 1979, the Realtors said. The monthly increase followed a 5.2 percent gain in November.
Every region of the country registered gains in 1992, and all but the South, where sales were unchanged, shared in the December advance.
Mark Obrinsky, an economist with the Federal National Mortgage Association, said low mortgage rates played a role in the activity, but he placed greater emphasis on the strengthening economy and improving consumer confidence.

by Bhavesh Jinadra by CNB