Affordable homes, low mortgage rates and government incentives boosted South Florida’s beleaguered housing market last month.
Robust sales in Palm Beach and Broward counties in July and during the past year have helped ease steep price declines, offering hope that the worst of the 3 1/2-year housing slump has passed.
Nationally, home resales in July posted the largest monthly increase in at least 10 years. Sales jumped 7.2 percent and beat expectations, the National Association of Realtors said. It was the fourth-straight monthly increase and the strongest month since August 2007.
Still, housing market researchers are leery of another wave of foreclosures that could keep prices depressed into next year and delay a recovery.
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