Driven By Foreclosures, Existing Home Sales Rose In August

NPR | By Mark Memmott

Published September 21, 2011 at 10:10 AM EDT

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."

Mark Memmott

Mark Memmott is NPR's supervising senior editor for Standards & Practices. In that role, he's a resource for NPR's journalists – helping them raise the right questions as they do their work and uphold the organization's standards.

See stories by Mark Memmott

WRVO is at a critical moment.

Recent cuts to federal funding are challenging our mission to serve central and upstate New York with trusted journalism, vital local coverage, and the diverse programming that informs and connects our communities. This is the moment to join our community of supporters and help keep journalists on the ground, asking hard questions that matter to our region.

Stand with public media and make your gift today—not just for yourself, but for all who depend on WRVO as a trusted resource and civic cornerstone in central and upstate New York.

Support WRVO now