| Last | Change | Percent | |
| S&P Futures | 1542.1 | 3.0 | 0.19% |
| Eurostoxx Index | 2683.9 | -0.1 | 0.00% |
| Oil (WTI) | 92.88 | 0.4 | 0.47% |
| LIBOR | 0.285 | 0.001 | 0.18% |
| US Dollar Index (DXY) | 82.58 | -0.164 | -0.20% |
| 10 Year Govt Bond Yield | 1.92% | 0.01% | |
| RPX Composite Real Estate Index | 191.2 | -0.6 |
Markets are higher this morning after luxury retailer Tiffany reported better than expected earnings, and Cyprus moves towards a resolution. There are no economic releases this morning. Bonds and MBS are up small.
Existing Home sales rose.8% to a seasonally adjusted annual rate of 4.98MM, a 10% annual increase, according to the National Association of Realtors. Some stats from the release:
- The median house price rose 11.6% to $173,600
- Distressed sales accounted for 25% of all sales
- Professional investors purchased 22% of all homes
- The first time homebuyer accounted for 30%
- Short sale haircuts were 15%, while foreclosure haircuts were 18%
- Time on market fell 24% to 74 days
- Cash-only transactions were 1/3 of all transactions.
Chart: Existing Home Sales. Approaching normalcy:
One feature of the financials lately has been the resurrection of many stocks given up for dead. The first one was Impac, which is up 5-fold since August of last year. Then came Radian. Well, guess who is back? Fannie Mae (FNMA), who is up 3-fold since last week when it delayed filing its 10-K and said it expects to post a profit. Also, the "Jumpstart GSE Reform Act" was introduced at the same time, which would require Congressional approval for the government to unload its Fannie Stock. I am hearing that there is action in the Fannie prefs as well. Yes, it is up on volume, too - 94MM shares traded yesterday.
You are seeing the same action in Freddie Mac stock as well - FMCC.
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