Sales of existing U.S. homes jumped more than forecast in July to the highest level in almost two years, signaling the housing crisis that defectived the world’s largest economy is to comfort.

Purchases climbed 7.2 % to a 5.24 million yearly rate, the most since August 2007. The gain was the biggest since records began in 1999. The median price fell 15 %.

Foreclosure driven falls in prices, government credits for first time buyers and near record low borrowing costs may keep stoking desire, helping the economy recover from the worst recession since the 1930s. At the same time, more Americans will probably lose their homes as companies cut payrolls, denoting a rebound will be slow to take hold.

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