An article about Sales of existing homes rise 2.3% in July was published by Wall Street Journal on August 22, 2012. More positive news regarding the housing recovery…..
Excerpt of “Sales Of Existing Homes Rise 2.3% In July”
WASHINGTON (MarketWatch) Sales of existing homes in the U.S. rose 2.3% in July, as low mortgage rates, rising rent and some job creation led to a modest rebound, a trade group said Wednesday.The National Association of Realtors said sales increased to a seasonally adjusted annual rate of 4.47 million from 4.37 million in June.Economists polled by MarketWatch had anticipated a 4.5 million rate.Compared to July 2011, sales climbed 10.4%, the 13th straight year-on-year gain.Year-to-date, sales were up 8.6%, demonstrating the improvement that has taken place in a market recovering from the burst of the housing bubble.Lawrence Yun, chief economist at the NAR, said improving affordability and the economic backdrop are helping housing even as he said housing was underperforming the fundamentals of the economy.
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