US existing home sales in June hit highest level since '07
Low rates attracting first-time buyers into the market
Washington
US home resales hit their highest level in nearly 91/2 years in June as low interest rates attracted first-time buyers into the market and the number of Americans filing for unemployment benefits fell last week, underscoring the economy's strength.
Although another report on Thursday showed factory activity in the mid-Atlantic region contracted this month, a surge in new orders and shipments suggested the setback was likely temporary. "The economy is doing well and is weathering the global turbulence. With housing and consumers powering ahead, some of the clouds are dissipating and summer looks good from a data point of view," said Thomas Costerg, a US economist at Standard Chartered Bank in New York.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender
US mortgage rates up for fifth week at 7.22%