The National Association of Realtors has analyzed home sales and foreclosure rates for August, and statistics show a 7.7% increase of Americans buying previously lived-in homes. Last month, 5.03 million homes were sold, just below the 6 million mark that experts say is a sign of a healthy housing market.

Nearly 31% of the sales were of houses under foreclosure, which could mean even lower prices could be in store for the next year. However, first-time home buyers made up only 32% of sales, which is significantly less than the average 50%. Economists note the lack of consumer confidence and concern of the economy's future deters many potential first-time buyers. Starting in October, Freddie Mac and Frannie Mae will be lowering their maximum loans from $729,750 to $625,50 and potentially $550,000.

If you or someone you love are at risk of filing for foreclosure, contact the Maryland foreclosure defense attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today.