Existing-Home Sales Reach Two-Year High

As a direct consequence of the credit crisis, the real estate market stumbled thanks to a severe drop in the amount of money that banks were willing to give to potential homeowners. The resulting drop in home prices across the board has now created a buyer’s market, leading to a massive 7.2 percent jump in the number of sales of existing homes in July.
 
The figure comes from the National Association of Realtors, which began keeping track of the statistic in 1999 and has never recorded a monthly increase as large as July’s. According to the report, home sales have picked …read more