Here Comes Pending Home Sales...

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Pending home sales for May are out at 10 a.m. ET.

Economists polled by Bloomberg are looking for pending home sales to rise 1% month-over-month and 8.3% year-over-year.

Pending home sales climbed 0.3% on the month and 13.9% on the year in April.

Investors watch this number because it is considered a leading indicator of the housing market. 

This looks at all homes where a contract has been signed but the sale is not complete.

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