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Existing Home Sale

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Existing Home Sale: The name speaks for itself – this report provides a measure of the level of sales of existing home sales. The report is considered a decent indicator of activity in the housing sector. Housing starts preceding this report each month but starts are a supply rather than demand-side indicator. Existing home sales precede the other key demand-side indicator of housing – new home sales – thus boosting the visibility of this report. Sales are highly dependent on mortgage rates and will tend to react with a few months lag to changes in rates. Sales are also determined by the level of pent-up demand for housing – immediately after a recession; sales are typically quite strong due to the demand which accumulated through the recession.

If it is more than expected it is positive for the concerned economy hence affects the base metals prices favourably and the vice versa.

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