A lot of Americans saw their wealth disappear when the real estate bubble burst in 2008. For many it was much more than a paper loss, leaving them owing more on their homes than they could fetch in resale.
They say time heals all wounds, and the housing market has, in fact, bounced back. Real estate professionals track the trends in the market, and what they have found is positive. The latest national data from the National Association of Realtors, which covered the first three weeks in July, saw sales rise 7% over the previous June and 1% since May. The median price hit $234,000.
The website noted that recent data showed an even larger increase over the previous month. Jonathan Smoke, chief economist for the site, in a statement said that positive trends usually slow as summer drags on, suggesting that "this bodes well for more moderate price appreciation in the months ahead."
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