U.S. existing home sales race to more than 9-1/2-year high

By Lucia Mutikani WASHINGTON (Reuters) - U.S. home resales rose in October to their highest level in more than 9-1/2 years as homebuyers, buoyed by an improving labor market, took advantage of still-low mortgage rates to snatch up properties after many were shut out during the busy summer selling season. "Consumers certainly were in October, showing no hesitation whatsoever ahead of the presidential elections with its often harsh rhetoric and focus on all the things wrong with the economy." While a recent surge in mortgage rates could hurt the housing market next year, the impact is likely to be modest given a labor market that is at or close to full employment. The National Association of Realtors said on Tuesday existing home sales rose 2.0 percent to an annual rate of 5.6 million units last month, the highest level since February 2007.