| Last | Change | Percent | |
| S&P Futures | 1359.1 | 8.1 | 0.60% |
| Eurostoxx Index | 2248.8 | 23.2 | 1.04% |
| Oil (WTI) | 96.89 | 0.1 | 0.08% |
| LIBOR | 0.467 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 80.01 | -0.075 | -0.09% |
| 10 Year Govt Bond Yield | 1.89% | 0.07% | |
| RPX Composite Real Estate Index | 175.4 | 0.2 |
Markets are higher this morning on no real news. Yesterday's technical support at 1345 on the S&P 500 held, and perhaps we are just having an oversold bounce. Bonds and MBS are down as well. The Spanish government seized Bankia, the county's largest real estate lender.
Initial Jobless claims for last week came in at 367k, more or less in line with estimates.
Hey, Fannie Mae made some money! And they don't need a check this quarter either.
The National Association of Realtors released their latest quarterly report yesterday, noting that improving sales and declining inventory are creating more balanced conditions. The inventory of homes for sale fell to 2.37MM existing homes from 3.03MM in Q111. The median home price fell slighlty to $158,100 from $158,700. This drops the median home price to median income ratio to 3.075, the lowest level since 1976, and below its historical range of 3.15 - 3.55. Prices after a bubble tend to overcorrect, and it certainly is possible that prices could go lower - however we are officially in "overcorrection" mode.
Chart: Median House Price to Median Income:
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