Existing home sales at highest pace since 2007

Foreclosures accounted for one-third of existing home sales in July, according to National Association of Realtors data released today. CNBC’s Diana Olick reports that existing home sales jumped 7.1 percent in July from June, and they were up 5 percent year-over-year, the highest sales pace since August 2007. Sales have risen in the Northeast, said Lawrence Yun, NAR’s chief economist. Prices were down 15.1 percent nationally and 15 percent in the Northeast.