Bargain Buyers Drive up Home Sales

While the large number of foreclosed homes being dumped on the market has led to falling prices, some areas of the country are seeing huge reductions in the available supply of homes for sale. Sacramento and Orange County, CA dropped by 32 and 27 percent, respectively. Boston, Denver, and Los Angeles were all down 21 percent, and Dallas and Houston saw their number of homes for sale drop 14 percent.

"While the rise in home sales is promising, it might not be enough to turn the market around. Thousands of foreclosed and bank-owned homes are still being dumped on the retail market, continuing to drive down prices."

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