Existing US home sales in September surged by 9.4 percent over the preceding month, its highest rate since July 2007.

The sales were boosted by tax breaks for first-time home owners. The tax incentive lasts until November but a majority in Congress seems to be in favour of extending the measure. The real estate market collapsed as a result of the credit crisis which left many people unable to pay their mortgages, forcing them to sell their homes.
 

Photo: (Flickr/ sfadden)