LI home sales up, but crisis not over

WOODBURY - The latest data shows that home sales on Long Island are on the rise, but the local real estate market is not out of the woods yet.

Sales of previously occupied homes rose 2.7 percent last month, but 37 percent of the sales were home foreclosures, according to the National Association of Realtors.

A glut of foreclosures has been forcing prices down on Long Island.

Nationwide, home prices have fallen to their lowest levels in nearly nine years.

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