Eacom Timber Corporation ETRFF

US pending home sales,

[MadisonReporter]

Data out late WEDNESDAY:

Pending sales of existing homes surged in October by the most in nearly a year as Americans took advantage of low interest rates for mortgages, data from a real estate trade group showed on Wednesday.

The National Association of Realtors Pending Home Sales Index, based on contracts signed in October, rose 10.4 percent to 93.3 from 84.5 in September.

That was the biggest monthly gain since November 2010.
Data released THURSDAY:

Construction spending in the U.S. rose in October for a third consecutive month on gains in housing and commercial projects like office buildings and power plants.
Building outlays increased 0.8 percent, Commerce Department figures showed today in Washington.
Private construction spending climbed 2.3 percent in October from the prior month.Homebuilding outlays increased 3.4 percent, including a 6.7 percent gain in home improvement.

Spending on public construction dropped 1.8 percent, the report said. Federal construction outlays decreased 5 percent to $26.4 billion, the lowest level since May 2009.
In October, builders broke ground on more homes than forecast and construction permits climbed to the highest level since March 2010, evidence that housing may become less of a drag as the U.S. recovery enters its third year.
Homebuilder sentiment has began to turn up as well. The National Association of Home Builders/Wells Fargo sentiment index increased to 20 last month, the highest level since May 2010. Readings less than 50 mean more respondents said conditions were poor.