| Last | Change | Percent | |
| S&P Futures | 1409.1 | -3.4 | -0.24% |
| Eurostoxx Index | 2469.1 | -21.2 | -0.85% |
| Oil (WTI) | 96.73 | -0.1 | -0.11% |
| LIBOR | 0.431 | -0.003 | -0.63% |
| US Dollar Index (DXY) | 82.02 | 0.108 | 0.13% |
| 10 Year Govt Bond Yield | 1.77% | -0.02% | |
| RPX Composite Real Estate Index | 192 | 0.2 |
Stocks are lower this morning on no real news. Dell missed. Existing Home Sales are scheduled to be released at 10:00 am EST. The minutes of the last FOMC meeting are scheduled for 2:00pm EST. Bonds are up a half a point and MBS are flat.
Mortgage Applications fell 7.4% last week as refis slowed.
Greece needs some breathing room to pay its debts.
FHFA has revised their short sale guidelines to allow homeowners who are current on their mortgage (and have an eligible hardship) to sell their home in a short sale. Importantly, job relocation qualifies, which should help people who are stuck with underwater homes in places with no jobs to leave. Second Lien holders will be given $6,000 to expedite a short sale.
Toll Brothers reported better than expected earnings, with a 41% increase in revenues, 59% increase in backlog, and 66% increase in contract signings. Toll is in the McMansion business, so it isn't necessarily representative of the whole market, but it is another positive data point, especially for the jumbo part of the space. The stock is up a few percent pre-open.
Fannie Mae's economic outlook for the rest of the year is generally gloomy, although it does predict that housing activity will be a net positive to GDP for the first time since 2005.
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