Home sales and foreclosures on increase
August home sales rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million homes, the National Association of Realtors said Wednesday. (April 4, 2010) Credit: AP
The number of Americans who bought previously occupied homes rose last month. But the sales were driven by an increase in foreclosures, a sign that home prices could fall further next year.
The National Association of Realtors said Tuesday that home sales rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million homes. That's below the 6 million that economists say is consistent with a healthy housing market. Last month's pace was slightly ahead of the 4.91 million sold in 2010, the worst sales level in 13 years.
Homes at risk of foreclosure made up 31 percent of sales. That's up from 29 percent in July.
At the same time, activity among first-time buyers, who are critical to reviving the housing market, didn't budge.
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