The pool of foreclosed properties for sale also has declined because many pending foreclosure cases were put on hold last year while banks sorted through foreclosure abuse claims. A $25 billion settlement in February cleared the way for lenders to tackle that backlog of foreclosures, and the number of homes entering the foreclosure process has been rising.
The Standard & Poor’s/Case Shiller index for June showed the first year-over-year increase in home prices since September 2010.
Sales of new homes in the second quarter were up 18 percent from a year earlier. As of last month, they’re up 25 percent from a year earlier. Sales of previously occupied homes rose nearly 9 percent in the April-to-June quarter. They jumped 10 percent in July compared with the same month last year.
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