The housing market is showing signs of recovery with an increase in home sales in July and a rise in housing prices, according to Standard & Poor’s/Case Shiller index. Builder confidence is also up and foreclosures fell in the second quarter. So do these figures really mean that the real estate market is finally bouncing back after five years? This hour, we’ll take a closer look at a housing recovery, if it’s happening and what it means for the larger economy. We’ll also check in on the quarter of American homeowners who are still underwater and the many that are facing foreclosures and we’ll get an update on an innovative foreclosure diversion program in Philadelphia’s courts. Our guests are ANNETTE RIZZO, a Judge in Philadelphia’s Court of Common Pleas who launched and has led the Court’s foreclosure-diversion program; SUSAN WACHTER, a professor of Financial Management and a professor of Real Estate and Finance at the Wharton School at the University of Pennsylvania, and JOHN TAYLOR, president and CEO of the National Community Reinvestment Coalition.