Here Comes Existing Home Sales...

Economists polled by Bloomberg are looking for existing home sales to rise 1.9% month-over-month (MoM) to an annualized pace of 4.74 million units.

This compares to a 1.3% rise to an annualized pace of 4.65 million units in April.

One of the key numbers we'll be watching is the supply of existing home sales - since it's being argued that housing supply has held back the housing recovery.

"We see little prospect that the uptick in April and May marks the start of a sustained, strong rebound," Ian Shepherdson at Pantheon Macroeconomics wrote in a note ahead of the release.

He argues that this is because applications for new mortgages are flat or at a low levels and because housing affordability has seen its "biggest deterioration in 32 years."