Monday: Existing Home Sales

From Nick Timiraos at the WSJ on housing: Price Gains May Moderate, but It Remains a Seller's Market for Now

The surge in rates could test buyers' appetites to pay above asking prices, potentially slowing the run-up in home prices witnessed in the first half of the year. The biggest pinch will be felt by potential homeowners in high-cost housing markets that had been stretching to qualify for the largest loan possible.

"The frenzy has concluded," said Jim Klinge, a real-estate agent in Carlsbad, Calif. "The pool of crazy buyers—those willing to pay higher prices because they're tired of losing bidding wars—has diminished considerably."

Monday:
• At 8:30 AM ET, Chicago Fed National Activity Index for June. This is a composite index of other data.

• At 10:00 AM, Existing Home Sales for June from the National Association of Realtors (NAR). The consensus is for sales of 5.27 million on seasonally adjusted annual rate (SAAR) basis. Sales in May were at a 5.18 million SAAR. Economist Tom Lawler is estimating the NAR will report a June sales rate of 4.99 million.

Weekend:
• Schedule for Week of July 21st

• Existing Home Sales: Expect Below Consensus Sales

From CNBC: Pre-Market Data and Bloomberg futures: the S&P futures are up 7 and DOW futures are up 57 (fair value).

Oil prices have increased recently with WTI futures at $108.40 per barrel and Brent at $108.42 per barrel.