Morning Report: Home Prices rise.

Vital Statistics:

 

Last Change
S&P futures 3221 -4.25
Oil (WTI) 61.17 -0.44
10 year government bond yield 1.90%
30 year fixed rate mortgage 3.95%

 

Stocks are lower as we put 2019 into the books. Bonds and MBS are up.

 

The bond markets close at 2:00 pm this afternoon. Most warehouse banks will stop doing wires at that time.

 

It looks like we have a trade deal with China, which should take trade off the front burner for a while.

 

Pending home sales increased 1.2% in November, according to NAR. “Despite the insufficient level of inventory, pending home contracts still increased in November,” said Lawrence Yun, NAR’s chief economist, noting that housing inventory has been in decline for six straight months dating back to June 2019. “The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.”

 

House prices rose 0.2% MOM and 5% YOY according to the FHFA House Price Index. Separately, the Case-Shiller index rose 0.4% MOM and 2.2% YOY.

 

Wishing you all a prosperous new year. Here is to the roaring 20s

Author: Brent Nyitray

Why do you need new bands? Everyone knows rock attained perfection in 1974. It's a scientific fact. - Homer Simpson

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