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Strategies & Market Trends : MDA - Market Direction Analysis

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To: pater tenebrarum who wrote (21116)	7/26/1999 11:12:00 AM
From: Benkea	Read Replies (1) of 99985

Monday July 26, 10:53 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) U.S. June existing home sales surge 10.6 percent By Tim Ryan NEW YORK, July 26 (Reuters) - The pace of existing home sales in June defied expectations that the U.S. housing market was ready to cool down, jumping 10.6 percent and giving Federal Reserve policy makers one more thing to be concerned about, economists said. Existing home sales surged to 5.53 million annualized units in June compared to 5.00 million in May. The May figure was revised down from the previously reported 5.04 million. The average consensus of economists polled by Reuters was for an uptick to 5.07 million annualized units. Some economists, including Robert Van Order, chief economist at Freddie Mac, expected May's sales had signaled an easing in a housing market that set records for sales in 1998. And though expectations for 1999 are for a second place finish, sales could once again surprise forecasters, he said. ''Even if it (housing sales) slows down in the second half of the year, it would have to slow down a lot for this not to be another record year,'' Van Order said. Van Order said the June showing means the annualized pace of existing home sales for the first half of the year is running about 200,000 units above last year. (Note: this article is ''in progress''; there will likely be an update soon.)

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