Tax Credit at Work: Existing Home Sales Continue to Improve

Great news for the housing market gave equities a boost after a week of up and downs. Sales of Existing Homes in July soared by 7.2% in the month, pushing the annualized pace of sales to 5.420 million, the highest rate in almost two years and the first time past the 5 million mark in nine months.

July marks the fourth straight month of increases for Existing Home Sales, including a 3.6% gain in June. Markets were only looking for a 2.5% advance in July. Compared to last year, total sales are up 5% â€