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US Week Ahead: FOMC, GDP, Durable Goods, PCE, ECI, Cons Conf, UMich Sent, Housing
Pending sales of existing homes likely bounced back in September after falling in the previous month. We expected pending home sales to rise 0.5% in September. In August, sales fell 1.0% but the overall report was relatively upbeat, noting improved fundamentals and future growth. Improved housing affordability and a less competitive housing market were highlighted as factors pointing to an ongoing recovery. We look for pending sales of existing homes – signed contracts that have yet to close – to maintain their steady upward climb towards their 2013 peak and in line with the rising trend in existing home sales. ... (full story)