Salient to Investors:
The S&P/Case-Shiller index of property values in 20 cities had its biggest 12-month advance since August 2010.
Millan Mulraine at TD Securities says housing has made an important turn that is being sustained.
August saw the strongest pace of single-family starts in more than two years, while purchases of previously-owned homes rose to a two-year high.
The average 30-year fixed mortgage fell to 3.49 percent last week, matching a record low going back to 1972.
Distressed sales accounted for 22 percent of existing-home purchases in August, the lowest since at least October 2008.