US existing home sales in June hit highest level since '07
Low rates attracting first-time buyers into the market
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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.
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