U.S. home sales rise unexpectedly

Sales of existing U.S. homes rose 0.7 percent in December to a seasonally adjusted annual rate of 6.76 million units, according to data from the National Association of Realtors. In a Reuters poll, economists had forecast a two percent drop in sales to a SAAR of 6.55 million units. Increases in the northeast and south were tempered by a decline in the West, while sales in the Midwest were flat. Year-over-year sales soared by 22.2 percent.