New Home Sales in U.S. Rise 11%

There's another positive sign that the housing market is recovering.

New home sales nationwide rose 11 percent in June to a seasonally adjusted rate of 384,000, according to the U.S. Department of Commerce.

Lower home prices and a drop in mortgage rates are fueling sales.

Last week, the Florida Association of Realtors reported sales of existing homes were on the rise, with distressed sales making up a big part of those numbers.

Experts say there is still a big backlog of homes in the foreclosure pipeline, which they expect will remain blocked well into next year.

Source: Jacksonville Business Journal