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N. America Week Ahead: BoC Meeting, US CPI, -Housing
September sales of existing homes likely rose 1.1% to a 5.11 million unit annual rate. Existing home sales in September likely rose after an unexpected 1.8% drop in August. Pending home sales (applying to signed contracts on existing homes that have not yet closed) fell in August but were strong in July, rising 3.2%. This points to a rebound in September existing home sales. Sales, however, are unlikely to fully reverse the August drop, as mortgage applications declined over the past 2 months and conventional mortgage rates ticked up in September, ending a 4-month declining streak. Nevertheless, strong improvements ... (full story)