Here Comes Existing Home Sales...

At 10:00 a.m., we'll get the June existing home sales report.

Economists estimate sales climbed 1.9% to an annualized rate 4.99 million.

"Pending home sales surged 6.1% in May, which suggests improvement in closed contracts in subsequent months," said Bank of America Merrill Lynch economists. "Moreover, inventory has picked up, even controlling for the typical seasonal patterns, which should allow for greater transactions. The inventory figures are worth monitoring, as months supply has already reached 5.6 months."

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