For the first time in five years, American home sales have increased for four months in a row. The American median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue, however, to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.

USA payroll employment continued to decline in July, and the unemployment rate was little changed at 9.4 percent. Job losses continued in almost all of the major industry sectors.