Here Comes Existing Home Sales...

Existing home sales for October are out at 10 a.m. ET.

Economists polled by Bloomberg are looking for existing home sales to fall 2.9% month-over-month to an annualized pace of 5.14 million units.

This compares with a 1.9% MoM fall to 5.29 million units the previous month.

Pending home sales, considered a leading indicator for future existing home sales, have been falling sharply. This suggests that existing home sales will be ticking lower.

The share of distressed sales in existing home sales climbed to 14% in September, from 12% the previous month. But is well down from 27% in 2012 which is an encouraging sign for the market.

Existing home sales also account for a larger share of the market than new homes.