> July 2009 Existing Home Sales

Sales of existing homes jumped by 7.0 percent in July to an annual sales rate of 5.24 million, the highest sales rate since August 2007. While a 5.24 million sales rate looks better on the way up than it did on the way down back in August 2007, there are reasons to wonder about the durability of the increase in sales seen in recent months given the extent to which distress sales, the first-time buyer tax credit, and investor activity are behind rising sales.

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