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Existing home sales rise in July amid foreclosures
Sales of existing homes rose 3.1 percent in July to a seasonally adjusted annual rate of 5.0 million, led by discounts in California Florida and Nevada. Unsold inventory hit a record 4.67 million amid an 11.2 month supply. Prices fell about 7.1 percent from a year ago with a median at 212,000. Foreclosures and distressed sales are kept high by mortgage losses and government policy.
MENTIONED IN THIS ARTICLE
AP Multimedia
Alan Zibel
Washington
National Association of Realtors
Thomson/IFR
Joel Naroff
Naroff Economic Advisors
Lawrence Yun
The
Realtors Group
California
Florida
Nevada
Texas
Yun
Las Vegas
Associated Press-Re/ Max
Los Angeles
Jennifer del Pino
Miami
Germany
U.S
Fannie Mae
Freddie Mac
Bush