Purchases of previously owned U.S. homes unexpectedly rose in July to a 10-month high as low borrowing costs and an increase in inventory drew buyers. Existing home sales climbed 2.4 percent to a 5.15 million annual pace, the most since September, from a revised 5.03 million pace in June, the National Association of Realtors reported today in Washington. The median forecast of 74 economists in a Bloomberg survey called for 5.02 million. The number of homes for sale were the highest in almost two years. Employment growth, rising property values and a decline in consumer debt are giving would-be buyers the confidence ... (full story)