US existing home sales in June hit highest level since '07

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 an…