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Detroit and Banks Team Up to Lure Police Officers Back to City With Low Cost Homes

The city of Detroit and Bank of America have teamed up to solve three problems at once: By enticing cops to live in urban neighborhoods, offering them refurbished homes and low cost loans, houses standing empty will be inhabited, rather than vandalized, communities will feel more secure with law enforcement nearby, and urban property values and the city's tax base will be bolstered.

Pending US Home Sales Touch Two-year High

Contracts to buy previously owned U.S. homes rose to their highest level in more than two years - up 2.4 percent - in July, an industry group said on Wednesday, suggesting the housing market recovery was gaining traction.