Existing-Home Sales Rise 7.2%
The past two years have been tumultuous for the housing market, however there is a small ray of light now shining through. That ray of light comes in the form existing-home sales rising in July to their highest level in nearly two years. This rise was more than expected, and was the highest increase in percentage in over a decade.
Foreclosures and short sales reflect 31% of sales in July. Distressed property sales have pushed prices lower, year over year, attracting buyers not sidelined by unemployment or tight credit conditions.
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