Weekly Economic Calendar, from Action Economics, Businessweek
Last week, US Existing Home Sales up 3.6% in June to seasonally adjusted annual rate of 4.89 millions. This is the third straight months up for existing home sales and the highest level since October last year. Market has digested this news well and investors are swarming into the market to push Dow Jones and regional market to new heights in this year.
In the coming week, we will see some several important reports coming out. Traders will closely watching at 3 heavyweights report:
i. New Home Sales report at Monday (10.00 am ET Release)
ii. Consumer Confidence Index at Tuesday (10.00 am ET Release)
iii. GDP at Friday (8.30 am ET Release)
The New Home Sales figure is a good indicator to showcase how far the sentiment at US has recovered. At this time, home buyer is waiting for a bottom before they start to buy house. Based on June Existing Home Sales report, the supply is at 9.4months now. In this case, the housing price will be stable now at 7months supply. Therefore, the mortgage foreclosure should be slowing down. All this are good sign of economy is recovering but albeit at a very slow pace.
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