Sales of previously owned homes rose for the fourth straight month in July -- a streak that hasn't occurred since June 2004
The median resale home price dropped 15.1 percent in July compared to the same month last year
distressed homes "continue to weigh down the median price. Another reason this price continues to drop is because a larger percentage of buyers are first time home buyers, and they purchase the more affordable homes.
price-to-income ratios have fallen below historical trends, there are more all-cash offers.
some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower-priced homes has spiked, and a lack of inventory is becoming a common complaint
First-time Home Buyer Tax Credit is also helping to boost sales