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Existing Home Sales

Existing Home Sales were reported at 5.35 million, higher than the expectations of 5.28 million. The inventory of unsold homes fell to an 8 month supply as compared to last months reading of 8.6 months, thanks to the increase in sales last month. This is likely a result of the First Time Home Buyer Tax Credit, which is near the end. It will be very interesting to see how this report fares in future months as the Tax Credit expires 4/30/2010.

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