Not all that long ago, I wrote "The next big domestic economic measure due out today is existing home sales for November 2010. If you recall, October's sales were a depressing 4.43 million units (down 2.2% from September's 4.53 million units and missing expectations). Expectations are a little tamer (but still optimistic), with a consensus estimate for 4.75 million sales. The actual numbers aren't due out until 10 AM EST, though, so we have no idea (yet) how realistic that is."
Well, we now have an idea of how realistic that is. Not very. We came in at 4.68 million existing home sales in November. That's good - it's a 5.6% increase from October - but, since it missed expectations it will probably disappoint the Street.