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Real Estate Sales in US on the Upswing in July

(EMAILWIRE.COM, August 27, 2008 ) SACRAMENTO, CA - Real estate sales in July rose in number to attain an annualized total rate of 5,000,000 home sales, according to the National Association of Realtors. In other eras this might be good news, but the positive aspects to the announcement were tempered by the number of foreclosure homes for sale on the market and the decline of prices.

Across the United States, real estate markets have been affected greatly by the large numbers of foreclosures that have led to large numbers of bank-owned homes in the inventory of houses for sale. Currently there are 4.67 millions homes for sale in the country, and this number translates to an 11.2 month supply based on current sales volume.

Foreclosure and real estate expert Patrick McGilvray, J.D., president of ( commented, "It is nice to see that home sales figures are up in terms of total volume and we see many interested home buyers coming into the market who want to buy a foreclosure home. Many of the houses that make of these sales figures have been owned by banks. This creates good buying opportunities for consumers, but for mom-and-pop home sellers the supply of bank-owned houses is hurting their ability to sell for the price they could have gotten just a year ago.


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