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Notice how the purchase applications hit a 9 year low and yet interest rates are available at historic lows. Tells you how strapped the consumer is

Prices continue to probe the neckline of a reverse head and shoulders pattern but we will need the market to close at or below 3.45% to keep rally hopes alive. The auction will be key to our short term direction. Notice how the purchase applications hit a 9 year low and yet interest rates are available in the 4.875% range. Tells you how strapped the consumer is.

November 12, 2009|Austin Mortgage Market|

Although the home price numbers are good, uncertainty with the 8K stimulus plan and continued high unemployment will need to be monitored

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.