| Last | Change | |
| S&P Futures | 2433.8 | 1.8 |
| Eurostoxx Index | 388.2 | 2.2 |
| Oil (WTI) | 44.9 | 0.4 |
| US dollar index | 88.5 | -0.1 |
| 10 Year Govt Bond Yield | 2.17% | |
| Current Coupon Fannie Mae TBA | 103.31 | |
| Current Coupon Ginnie Mae TBA | 104.375 | |
| 30 Year Fixed Rate Mortgage | 3.89 |
Stocks are higher this morning on no real news. Bonds and MBS are flat.
Slow news day.
Housing starts fell in May to an annualized rate of 1.09MM. This is a 5.5% drop from April and a 2.4% drop YOY. Building Permits fell as well. Both single-fam and multi-fam segments fell. Builders claim that a lack of skilled labor and available land are causing the problem.
The lack of building is pushing rents higher, and the number of people who spend 50% or more on of their income on housing is at a record level. The issue is a big problem in many metro areas, however outside of those areas affordability is better. There is also a huge difference between MSAs, with places like the Bay Area completely unaffordable compared to the Rust Belt, where prices have yet to recover their bubble peaks.
Amazon is buying Whole Foods.. I guess you'll soon be able to get your artisanal tortilla chips delivered by drone to your house.
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