JPM economist Daniel Silver noted.....>

US DATA REACT: JPM economist Daniel Silver noted today's "pending home sales

index inched up 0.2% in November, beating consensus expectations for a decline

but disappointing relative to our more optimistic forecast."

- Silver said "the modest increase in November came after a large 3.5% gain in

October, and the recent firming in the pending home sales data has come at a

time when many other housing indicators also have improved. Pending home sales

are counted when contracts are signed and typically lead existing home sales

(counted when transactions are completed) by one or two months, so we could see

further gains in existing home sales to come."