Data on Existing Home Sales in December is released. The pending home sales data suggests a drop, in part due to the first-time buyer tax credit almost expiring, and the hangover caused by people rushing to buy in front of the deadline that was later extended. The consensus is for Sales to have dropped to an Annual rate of 6.00 million from November’s pace of 6.54 million. However, used home sales have little direct impact on economic growth.
Stocks climbed as an unexpected rise in pending-home sales and a surprise quarterly profit from builders lifted other stocks connected with the housing market, including Home Depot, while a forecast from United Parcel Service also boosted sentiment.
The dollar stayed down versus the euro and other major currencies after a report showed U.S. pending home sales rose 1%. The NAR index is based on pending sales of existing homes, including single-family homes and condominiums. A home sale is pending when the contract has been signed but the transaction hasn't closed. Pending sales typically close within one or two months of signing.
Stocks climbed as an unexpected rise in pending-home sales and a surprise quarterly profit from builders lifted other stocks connected with the housing market, including Home Depot, while a forecast from United Parcel Service also boosted sentiment.
The dollar stayed down versus the euro and other major currencies after a report showed U.S. pending home sales rose 1%. The NAR index is based on pending sales of existing homes, including single-family homes and condominiums. A home sale is pending when the contract has been signed but the transaction hasn't closed. Pending sales typically close within one or two months of signing.
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