Existing Home Sales for the month of October were down 3.4%, dropping the annualized rate from 5.5 million to 5.36 million. Despite that little blip, the housing market is still stronger that had been anticipated–as you can see from the graph.
I am geared up for the Thanksgiving holiday this week; my parents fly into town this afternoon and I am passing out pies tomorrow afternoon. Just about every call I get today is to order a free pie. If you haven’t done that yet, it’s not too late :).
Fed Fund Futures now show a 74% probability that the FOMC will raise interest rates next month.