Daily Market Update 5/22/12

Mortgage rates inched higher Tuesday as stocks rose for a second consecutive day.  This morning, the National Association of Realtors reported Existing Home Sales increased by 3.4% in April to an annualized rate of 4.62 million units, the highest level in 2 years.  The median home price was $177,400, representing a solid 10.4% increase from April 2011.  Together, the data provides more evidence of stabilization in the housing market.  Results from today’s 2-year Treasury auction will be released at 1:00 PM.

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