Record-Low Mortgage Rates Drive V-Shaped Recovery in Housing

In yesterday’s commentary on initial jobless claims we noted that the uptick in claims fit the narrative that the economic recovery was stalling. Recent reports on housing offer a dramatic counterpoint to that narrative. Existing home sales followed up June’s +14.6% advance by rising a record +24.7% in July, easily topping forecasts as the annual sales pace climbed to 5.86 million units, the highest since late 2006.

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