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Here Comes Pending Home Sales...

Mamta BadkarNov 25, 2013, 20:10 IST

REUTERS/Richard Clement

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

Economists polled by Bloomberg are looking for pending home sales to rise 1% month-over-month, and fall 1% on the year.

This compares to a 5.6% monthly fall in September, and a 1.1% year-over-year rise.

Pending home sales have been falling for some time now and the index is considered to be a leading indicator for future existing home sales.

The Commerce Department expects that 80% of signings will become existing home sales transactions within two months.

The PHSI looks at all homes where a contract has been signed but the sale is not complete.