Home resales report from the National Association of realtors is due at 10 a.m. in Washington. BuzzBuzzHome will report the results when they are published so Buzz back at 10…
Home resales in the U.S. probably rose in June for a third consecutive month, spurred by tax incentives, lower borrowing costs and foreclosure-driven declines in prices, economists said before a report today.
Purchases climbed 1.5 percent to an annual rate of 4.84 million, the highest level since October, according to the median estimate of 68 economists surveyed by Bloomberg News. Another report may show jobless claims rose last week.
A gain in sales would confirm a moderation in the worst housing slump in eight decades, as flagged by Federal Reserve Chairman Ben S. Bernanke this week. A record drop in household wealth, caused in part by the plunge in property values, and mounting unemployment are among reasons the rebound in housing and the economy is likely to be drawn out.
Read the full article by Bob Willis “Home Resales in U.S. Probably Increased in June for Third Month” at Bloomberg.com (July 23, 2009).