Here come pending home sales ...

Data on pending home sales during January will be released at the top of the hour.

Economists estimate that signed contracts for existing single-family homes, condos and co-ops rose 0.5% according to Bloomberg. Last month, pending home sales increased 0.1%.

"We expect pending home sales to slip 0.5% in January," wrote Bank of America Merrill Lynch economists in a client preview. "New home sales weakened in January as did mortgage purchase applications. The recent weakness in signed contracts will likely translate to a decline in existing home sales in coming months, which have looked exceptionally strong."

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