Home sales rise

The Democratic convention is just shifting into gear. But the most politically significant news of the day may have broken hours ago in Washington. On July 26, the National Association of Realtors reported that the sales of existing homes rose yet again. CBS MarketWatch said the 2.1% gain for the month of June surprised economists, who expected sales to decrease amid rising interest rates. As MarketWatch noted, the strength of the report was bolstered by the fact that “sales of existing homes were revised higher in May to 6.81 million units, indicating a 2.7 percent gain. May's sales pace initially had been estimated at a record 6.80 million units.”

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