The National Association of Realtors released great news this morning: existing home sales are up 7.2% in July from June, and up 5% from a July 2008. This has lead many people to say that the bottom has hit! I agree, especially in the Northwest, were home prices and sales never dropped as much as in many other states. This is the biggest month to month jump in existing home sales since the NAR started recording such data in 1999. A combination of home affordability and first time buyers have caused the numbers to be better, and maintain the increases over the last 4 months.
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