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Housing Data Suggest Bottoming (Update)

Stock quotes in this article: FNM , FRE , XHB , DHI , TOL  

Updated from 12:06 p.m. EDT

New data released Tuesday suggest the U.S. housing market may have bottomed in June, prompting, in part, investors to bid up shares in mortgage giants Fannie Mae(FNM Quote) and Freddie Mac(FRE Quote).

The Census Bureau said sales of newly constructed homes totaled an annual rate of 515,000 in July, which was slightly lower than the consensus economist estimate of 525,000, according to Briefing.com.

The July results showed an improvement over the previous month's data. The June sales level was revised down to 503,000, from 530,000. ...

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