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The Good and Bad: Home Sales Soar, as do Foreclosures
This must be what the early stages of a recovery look like – great news and rotten news about housing, all in one day.
First, the great news, because let’s face it, we’ve been waiting a long time for some great news. Sales of existing homes took off in July as bargain hunters went all in for lower prices and interest rates and first-time buyers took advantage of a new tax credit.
Existing home sales soared 7.2 percent in July from June, according to the National Association of Realtors. But that’s not all. Sales were actually better this July than they were last July, up 5 percent. In all, 5.2 million homes were sold this July compared to 5 million in July 2008.
How good is that? Well, it’s the first time year-over-year existing home sales have risen since November 2005, the New York Times reports.
“I’m a little bit flabbergasted,” Patrick Newport, an economist at HIS Global Insight, told the Times. “These are really good numbers.”
The monthly gain was the largest on record for existing homes since 1999.
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