June Existing Home Sales Come In Way Stronger Than Expected

The annualized rate of existing home sales was 5.3 million, but analysts were looking for an annualized rate of 5.09 million. And the drop-off was expected to be over 8%, so this is generally looking like a rare big beat on housing.

The stock market is surging, as Bernanke’s testimony from yesterday has been completely erased..

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