Sales have finally increased in the real estate market. Has the market hit bottom and now there's no where to go but up? We can hope so! However, many of the sales occurring in July were bargains snatched by buyers on foreclosed homes. Americans are having trouble making any money out of their homes, over the price they originally paid.
The foreclosure homes helped boost the market in July. The economy has also scared away many potential buyers. People are steering away from purchasing homes hoping that the market will fall lower. The abundance of foreclosures along with the tightening of lending standards has scared away potential purchasers. This has left our real estate market in the worst condition in decades.