First of all, the market had an “outside day up.” What this means is that we made a lower low than the previous day, only to close above yesterdays high level. In Austin mortgage terms, we had pricing at one time today that was worse than yesterdays only to close above yesterday's best level. Trust me, the pattern is bullish.
Hey what do you know, a little green on the screen! Case Shiller Home Price Index painted the screen with an improvement of 1.2% while the year on year figure was down 11.3%. The number were a bit better than consensus, showing signs of stability creeping back into the housing market. 17 of the 20 market surveyed showed positive price improvement with Charlotte, Las Vegas, and Cleveland the only decliners. Although the numbers are good, uncertainty with the 8K stimulus plan and continued high unemployment will need to be monitored.
Both Weekly Unemployment Claims and Retails sales missed expectations as [...]
Bonds, notes and mortgage backs have rallied this morning as [...]
Take a look at this chart dating back to 1996. [...]
Ah, meant to post this Friday.... Yesterday’s close on the [...]
Weekly Unemployment Claims hit the tape this morning, up 35K [...]
4th Quarter GDP fell 3.8%, the slowest quarterly pace in [...]
The FOMC statement was the main focus for the markets [...]
