pending home sales jumped again, rising 3.6% in July to the highest level since June 2007, well above the 1.5% forecasted rise, and June's 3.6% increase was left unrevised. Pending home sales typically lead existing home sales by a month or two and have gained ground for a sixth-straight month. The momentum in pending home sales has not translated fully to a similar increase in existing home sales, but existing home sales have posted four-straight months of increases to suggest a bottom in the housing sector-a key cog in the recovery machine-adding to the argument the economy may be in recovery mode. Treasuries remain mixed but have moved lower on the mid-to-long end of the curve following the manufacturing and housing data.
[via Schwab Alerts]