Home resales soar 7.2% in July; largest monthly rise in 10 years

The U.S. housing market is rebounding faster than expected. The question is, can it last? Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires this fall. Sales rose 7.2% & beat expectations, NAR said. "The housing market is back up & running & that is great news," said Joel Naroff of Naroff Advisors. Sales hit a seasonally adjusted annual rate of 5.24M in July, from June