Home Sales up 7.7 Percent Due to Foreclosures

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Sales of previously occupied homes rose in August, the National Association of Realtors reported Wednesday.

The NAR report showed home purchases increased last month by 7.7 percent to a seasonally adjusted 5.03 million homes.

Those sales were driven by an increase in foreclosures, a sign home prices will fall even more next year.

"Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation," Lawrence Yun, chief economist with the national Realtor trade group, told Reuters.

Since the housing boom went bust in 2006, sales have fallen in four of the past five years.

Most economists predict home prices will keep falling through the rest of the year.

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