Home Sales Climb But Prices Decline

The National Association of Realtors reported that sales of previously owned homes improved in October but that prices continued to fall, underscoring the broader market weaknesses. Sales declined 5.1% in the Northeast. A separate report from mortgage-data firm CoreLogic to be released Tuesday projected that it could take until 2020 for markets to fully digest an overhang of foreclosed properties that represent a “shadow” inventory of potential bank-owned homes.

Wall Street Journal  November 22, 2011