America

Driven By Foreclosures, Existing Home Sales Rose In August

Sales of existing homes rose 7.7 percent in August from July, the National Association of Realtors just reported.

According to a statement from the association's chief economist, Lawrence Yun:

"Some of the improvement in August may [have been] from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations. Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation."

The Associated Press puts this analysis on the news: "Sales were driven by an increase in foreclosures, evidence the housing market remains weak."

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