The just-released US existing home sales numbers for June were actually not that bad. Home sales continued to cruise above the 5-million-a-year pace. (Though, it was somewhat slower than the recent high mark etched in May.)
And what’s really impressive is that the US housing market is continuing to move forward, even as the latest change in tone from the Federal Reserve has sent mortgage rates surging.
In recent congressional testimony, Federal Reserve chairman Ben Bernanke seemed relatively unconcerned that rising mortgage rates would disrupt the housing recovery, although he conceded that he’d monitor the market closely. He may know what he’s talking about.