US October pending home sales -1.1% vs +1.0% expected

• Prior was -2.2% (revised to -2.0%)
• Sales up 19.5% y/y vs +22.2% prior

The
year-over-year numbers tell the story in US housing. This is a small
setback in what’s been a boom and looks to be a secular trend tied to
ultra-low rates and a move out of the largest cities.