Video: Home sales up, prices rising

>>> welcome back. good news for the economy this it week. existing home sales jumped by nearly 8% in august. a much higher number than even the experts expected. it's the latest sign that real estate is certainly trying to have a bit of a comeback after struggling from 2007 . diana olig joins us live from outside of washington, d.c. we talk so often, and these things they headline good news have a caveat. in this case this seems like truly good news for a change.

>> there's always a caveat when you talk about these housing numbers in this particular housing market , because it's like no other one we've seen. we got great, positive numbers this week. we saw home builder confidence surge and we saw new home construction surge. it gave everybody the question, is this just a blip on the radar or is this a sign of real demand coming back. there's a lot of talk about mortgage rates because in the past week they hit a new low. but mortgage rates were hovering near record lows throughout this summer, so you have to ask how much more is that going to do? when we look at the august sales numbers, interesting to note one third of the buyers in august paid all cash. despite those really low rates we know that a lot of folks cannot get those low rates because they don't have the credit or down payment. a lot of them are paying all cash. the good news is it's not all investors as we've seen over the past year. it's generic, regular home buyers coming back in the market. the investor share of sales dropped in august. the share of homes below $100,000 dropped dramatically in august as well and keeps going down. less foreclosures on the market means the upper end, the mid-250 to $500,000 range in homes is coming back. that's what we needed to see. when we talk about confidence, it's about home prices , which has been coming up slightly. that's adding to everybody's wealth effect, making them feel better. 1.3 million borrowers came out of a negative equity position thanks to rising home prices . tamron.

Source: http://video.msnbc.msn.com/newsnation/49122856/

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