LOWER MORTGAGE RATES HELP BOOST US HOME RESALES TO A 9-YEAR HIGH

U.S. home resales unexpectedly rose in June to their fastest pace in more than nine years as low mortgage interest rates drew buyers into the market, a positive sign for the economy.

The National Association of Realtors said on Thursday existing home sales increased 1.1 percent to an annual rate of 5.57 million units last month, the highest level since February 2007. Economists polled by Reuters had forecast a 5.48 million-unit pace in June. Sales were up 3 percent from a year ago. Full Article