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U.S. existing home sales jump in November

Sales of previously owned homes surged in November, but revisions to data for the last four years showed the housing market recession was deeper than previously thought.

The National Association of Realtors said on Wednesday existing home sales increased 4 percent month over month to an annual rate of 4.42 million units.

October's sales pace was revised down to a 4.25 million-unit pace, which was previously reported as a 4.97 million-unit rate.

The Realtors group revised down data from 2007 to 2010 to show average annual sales down 14.3 percent at 4.42 million units instead of the previously estimated 5.16 million units.

It said sales troughed at 3.30 million-unit pace in July 2010, rather than 3.86 million, underscoring the depth of the housing market downturn.

Still, the rise in sales last month was the latest to suggest the housing market, which triggered the 2007-09 recession, was on the cusp of a recovery. Data on Tuesday showed housing starts scaled a 1-1/2 year high in November. CTV Two CTV News CTV News Channel BNN - Business News Network CP24