| Last | Change | Percent | |
| S&P Futures | 1561.8 | 5.9 | 0.38% |
| Eurostoxx Index | 2644.5 | 60.9 | 2.36% |
| Oil (WTI) | 88.24 | -0.9 | -1.07% |
| LIBOR | 0.276 | 0.001 | 0.18% |
| US Dollar Index (DXY) | 82.98 | 0.303 | 0.37% |
| 10 Year Govt Bond Yield | 1.67% | -0.03% | |
| Current Coupon Ginnie Mae TBA | 106.2 | 0.0 | |
| Current Coupon Fannie Mae TBA | 104.4 | 0.1 | |
| RPX Composite Real Estate Index | 191 | 0.5 | |
| BankRate 30 Year Fixed Rate Mortgage | 3.5 |
Markets are stronger this morning after weak European economic data raised the possibility of further easing. Apple will report after the close. The Markit US Flash PMI came in light. Bonds and MBS are up.
FHFA reported that home prices increased .7% MOM in February. Year-over-year, prices rose 7.1%. The FHFA index reports sales of homes with mortgages owned by Fannie Mae or Freddie Mac, so it is more of a "central tendency" index. It doesn't include cash sales in places like Phoenix or San Francisco which is skewing some of the other indices. Prices are back to October 2004 levels
Chart: FHFA Home Price Index.
NVR reported disappointing earnings yesterday. The Reston VA-based homebuilder / mortgage originator reported sales increased by 28% and origination increased by 13%. The EPS and revenue numbers were light, however and the stock sold off. NVR is primarily East Coast based, which explains the difference between its results and KB Home's which showed a 60% increase in revenues.
Flights are being delayed across the country due to furloughs of air traffic controllers. This is President Obama's last and best chance to show the country that the sequestration cuts will hurt. His most recent budget will raise taxes on pretty much everyone, although it will mainly hit those who make $200,000 or more. It also includes AMT II, aka the Buffet Rule.
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