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Existing Home Sales Advance. Concerns Over HVCC Growing
First-time homebuyers and the sales of distressed properties helped drive the pace of Existing Home Sales up for the third consecutive month in June. Sales advanced 3.6% in the month, in line with estimates, to an annual rate of 4.89 million units.rnrn“The increase in existing-home sales occurred in all major regions of the country,â€said Lawrence Yun, NAR’s chief economist. He said sales should continue upwards “due to tax credit incentives and historically high affordability conditions.â€
Jobless Claims Rise 30k, Analysts Skeptical of Data
After three weeks of dramatic improvement, initial filings for jobless claims rose in the week ending July 18. In line with predictions, 554,000 people filed for first-time unemployment benefits in the week, a 30k increase from the prior week. rnrnThis marks the third week that claims have remained below the 600k level, but economists are cautious in speaking about any tangible improvement in the labor market, as the apparent reduction in claims could be due solely to seasonal adjustment issues.
Jobless Claims, Housing Data, and Busy Earnings Calendar
With lots of earnings reports, a couple of data points scheduled for release, and a conference of speeches from government officials, Thursday should be the most interesting day of the week. Two hours before the opening bell, stocks are looking up following a mostly flat close yesterday.rn
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