APRIL HOME SALES, EXISTING AND NEW… The big economic news this week covers the full read on April home sales, starting with Existing Home Sales on Tuesday, expected UP to a 4.65 million annual rate. Wednesday we’ll see New Home Sales for the month, also forecast up, but just by a small amount, to 340,000 units.
We will continue to monitor Initial Jobless Claims, looking for any improvements in the employment picture, so vital to the housing market’s recovery. Unfortunately, no major changes for the better are predicted. Durable Goods Orders should inch into positive territory from the prior month’s big drop, a good sign.