By Lorraine Woellert – Jun 25, 2012
Purchases climbed to a 369,000 annual rate, the most since April 2010 and up 7.6 percent from the prior month, the Commerce Department reported today in Washington. The median estimate in a Bloomberg News survey of 67 economists was 347,000. The number of houses on the market held near a record low.
Falling borrowing costs may keep luring buyers to builders likeToll Brothers Inc. (TOL), even as a cooling job market and limited access to credit restrain the recovery. The Federal Reserve last week extended a program to keep long-terminterest rates low in a bid to reduce unemployment, sustain housing and prevent a global slowdown from stalling the expansion.