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Monday, May 28, 2012

Wells Fargo: Housing Recovery on Track, but Manufacturing Slows

April housing data on new and existing home sales came in a bit better than expected, and home prices showed more signs of stabilizing, both welcome indications that the U.S. housing recovery remained on track to start the second quarter. On a less positive note, mortgage purchase applications from the Mortgage Bankers Association have dropped for two consecutive weeks in May.

The new Markit PMI for the United States showed moderating manufacturing growth for May. April durable goods orders showed more signs of weakness.

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