| Last | Change | Percent | |
| S&P Futures | 1332.5 | -5.0 | -0.37% |
| Eurostoxx Index | 2166.7 | -14.5 | -0.66% |
| Oil (WTI) | 82.89 | -1.1 | -1.36% |
| LIBOR | 0.468 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 81.79 | 0.164 | 0.20% |
| 10 Year Govt Bond Yield | 1.57% | -0.01% | |
| RPX Composite Real Estate Index | 180 | 0.3 |
Markets are weaker this morning on a rise in Spanish bond yields, which are 34 basis points higher to 7.22%. Over the weekend, the pro-bailout parties won in Greece, and their bond yields are a percentage point lower. US bonds are up half a point, and MBS are up slightly as well.
Lots of economic data this week regarding housing, with NAHB today, Housing Starts tomorrow, the FOMC on Wed, and existing home sales on Friday. The NAHB index came in at 29, the highest level since May of 2007, as low rates and low prices are creating demand for home builders. Regionally, the West and the Midwest gained, while the Northeast and the South declined.
Home equity in Q1 rose to $6.7 trillion, the highest level since 2008 as borrowers refi their mortgages and often bring cash to the table to pay down principal. In addition, many borrowers are shortening the terms of their loans. This shows part of the problem with the economy right now, as consumers save (by paying down debt). This will be good for the economy long-term, although it is a headwind now.
In another positive data point for the housing market, we have a bidding war for Rescap, GMAC's bankrupt housing unit between Fortress and Warren Buffet. For Buffet, there a synergies between Berkadia's servicing operations, and its Clayton manufactured housing unit.
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