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US Existing Home Sales at Highest Rate in Almost a Year

Today (10/21) we had a strong US Existing Home Sales release for October.
Existing Home Sales (Oct. monthly data annualized): 5.17M
Forecast: 5.11M
Previous: 5.05M


(click to enlarge; source: forexfactory.com)
As you can see in the historic graph of existing home sales, October's reading is the highest since Nov. 2013 when it was at an annualized term of 5.20M.Still we have some ways to go before the housing market can be considered "recovered". This is when home ownership starts to show momentum. For now, real estate investment is a huge part purchases, as loan requirements, and low inventory hamper first-time homeowners.

Still, the good data provided a smooth path for the already existing risk appetite. The S&P500 continued to rally, recouping all of last week's declines.