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Real estate for sale signs are seen in front of homes that were foreclosed along Catanzaro Way October15, 2007 in Antioch, California. The San Francisco Bay Area zip code 94531, Antioch, California, has experienced a spike in home foreclosures with a reported 271 homes repossessed between January and August of this year. Antioch has also seen the biggest decline in home prices since May of this year with prices dropping 15 percent. California ranks third behind Ohio and Michigan in foreclosuresJustin Sullivan/Getty
The National Association of Realtors will release data on existing home sales at the top of the hour.
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Economists estimate, according to Bloomberg, that sales of previously occupied homes fell 1.2% at an annualized rate of 5.43 million in July.
Last month, existing home sales rose at the fastest pace since February 2007. May and June were the strongest two months for sales since early 2007, the NAR said.
And on Tuesday, the Census Bureau said housing starts climbed at the highest rate in nearly eight years.
