Is the housing market is making a comeback?
Sales of existing homes increased 2.4% from June to a seasonally adjusted annual rate of 5.15 million, the National Association of Realtors said Thursday ... July was the fourth consecutive month sales rose from the prior month.
Not only were sales last month at their highest level since last September, but fewer transactions came from short sales of underwater homes and foreclosures. Distressed sales accounted for 9% of all sales in July, the lowest level since the trade group's tally began in October 2008 at the peak of the financial crisis. More than a third of all sales in 2009 were distressed.
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