This morning we received Sales of Existing Homes for the month of June. The number came in at an annual adjusted rate of 4.89 Million with a consensus estimate of 4.85M. While this was a modest gain from the estimates it is the third straight month that sales of existing homes have increased and it is at the highlest level since October. Once again this confirms out analysis back in the April-May timeframe where we had called a bottom in the housing market. It should however be noted that a significant # of these properties tend to be in the lower priced range and a continued watch on overall days on market, inventory and price will be necessary.