Here Comes Existing Home Sales...

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

Economists estimate the pace of sales climbed 1.0% to an annualized rate of 5.20 million units.

"Existing home sales have been on an upward trajectory after falling steadily since the third quarter of last year," said Bank of America Merrill Lynch economists who forecast a 1.0% decline. "Although pending home sales increased in July, this followed a decline in June, showing signs of weakness. Moreover, mortgage purchase applications declined in July and August. While we are forecasting a decline in sales in August, we think sales will resume an uptrend for the remainder of the year."

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