@ The White House
In the morning, the President will receive the Presidential Daily Briefing and meet with senior advisors in the Oval Office. These meetings are closed press.
@ Wall Street
Existing Home Sales (Nov.) The National Association of Realtors (NAR) historical data for existing home sales will be revised back to 2007 in the December 21 release. The revisions, according to NAR Chief Economist Laurence Yun, will be downward and "meaningful".
The key questions are how large will the revisions be, and will 2011 sales be on track to set an all-time low? On a month-over-month basis, we expect to see sales tick up about 2.0% based on the latest Pending Home Sales Index readings (up in October) and mortgage applications to buy homes (down in September and October, but up in November).
That would take sales to 5.07 million units if the previous estimate for October (4.97 million) were to be unchanged. We expect October to be revised down along with the other historical data, but have no basis on which to judge by how much.
