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Home sales jump in August: why it’s not enough to revive housing market

Posted on 22 September 2011

Even as home sales increased in August, median prices fell. Experts point to a ’shadow inventory’ of homes that will eventually face foreclosure and say prices won’t keep up with inflation for years.
Americans bought nearly 8 percent more homes in August than in July, a welcome sign of progress for the still-troubled US housing market. For the first time since April, sales of previously owned homes rose to an annualized rate of more than 5 million per year. The median sales price was $168,300, down from $177,300 a year before, the National Association of Realtors reported………………………………………Full Article: Source


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