This morning Existing Home Sales were released and came in slightly better than expected. 4.89 mil v 4.85 mil. But still on a downward trend year or year. The US is off 17.5% in seasonally adjusted sales year over year and 8% in price during the same time frame. The most interesting stat released was the inventory of homes which is just shy a year's supply at 11.2 months. Let's hope the end is near.
Technically we are now below the 3 levels of resistance at the 25, 50 and 100 day moving averages and mortgage bonds are up today modestly at 22 bps as of this posting, so I recommend LOCKING. The bond market is closing at 2pm today ahead of the long weekend and expect a sell off on light volume going forward today.
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