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The Week Ahead...What FHFA and Case-Shiller mean to you?
Market Focus: While the week is short and volume expected to be light we are heavy on housing this week. Seriously this is being written by a mortgage guy. All eyes I believe will be on Black Friday. Keep in mind as the S & P is up 30% for the year and December is historically a positive month the sky is the limit for stocks. Watch for the big mall reports after your holiday celebration as the stores are opening a little earlier this year.
Pending Home Sales Index: The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. As such, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. The consensus estimate is for an increase of 1.1% after last month’s -5.6% increase. What it means to you: This provides a gauge of not only the demand for housing, but the economic momentum. People have to be feeling pretty comfortable and confident in their own financial position to buy a house. Furthermore, this narrow piece of data has a powerful ... more
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