Housing's Mixed Messages

Sales of existing homes rose 7.7% last month compared to July. Economists had projected a somewhat lower increase. The increase is attributed to buyers being lured back into the market by rock bottom prices.

Separately it was announced that foreclosure filings increased 7% in August compared to July. Foreclosure filings still remain significantly lower than the pace of filings a year ago. The increase in foreclosure filings is attributed to lenders getting past the "robo-signing" controversy that they have been dealing with for almost a year. The lenders are now foreclosing on all of the delinquent owners that have been enjoying "free rent" since the foreclosure slowdown began.

Also, the S&P/Case-Shiller index of property values in 20 cities fell 4.1% from July 2010. There was a similar year-over-year drop in the June index value. The index was essentially unchanged from June to July of this year. The recent stability in prices is attributed by many to the holdup in foreclosure filings earlier this year.

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