Sales of older homes up 7.7 percent in August

Sales of older homes up 7.7 percent in August

Sales of previously owned U.S. homes were up sharply in August, a ray of light for the nation’s beaten-down housing market. But economists are skeptical the gains will last.

The number of homes sold rose 7.7 percent from July and were up 18.6 percent from August 2010, when sales were depressed after the expiration of a popular tax credit for buyers, according to the National Association of Realtors.

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