| Last | Change | Percent | |
| S&P Futures | 1439.0 | 4.8 | 0.33% |
| Eurostoxx Index | 2480.9 | 26.7 | 1.09% |
| Oil (WTI) | 91.72 | -0.5 | -0.51% |
| LIBOR | 0.355 | -0.003 | -0.91% |
| US Dollar Index (DXY) | 79.8 | -0.135 | -0.17% |
| 10 Year Govt Bond Yield | 1.62% | -0.02% | |
| RPX Composite Real Estate Index | 194.5 | 0.0 |
Stock index futures are higher as we kick off the 4th quarter. There are no major headlines or economic data this morning. Later this week, we will get the FOMC minutes from the last meeting, and Friday's jobs report will have market moving potential. Bonds and MBS are up.
Will the fiscal cliff affect housing in any way? Perhaps. One provision in the expiring tax cuts is the 2007 Mortgage Forgiveness Debt Relief Act and Debt Cancellation which made the debt forgiveness in short sales non-taxable. Typically debt forgiveness is considered taxable income. If this provision goes away, short sales and mods with principal forgiveness may grind to a halt.
Meanwhile, HUD secretary Shaun Donovan was defending the mortgage interest deduction on the Sunday morning talk circuit over the weekend.
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