Chillin' out till it needs to be funded
The Purchase and Refi indices crashed -1% and -9% for a composite downtick of 7.4% this week even as 3 in four mortgage applications were from Refi last week. Illinois in the meantime had a resounding 46% mandate for Romney, sealing the GOP decision and Romney without fault, moving on to taking on Obama instead of fighting Blue Collar Santorum, though none have given way yet.
The UK budget has already come in at market open and a welcome cut in interest rates set to increase UK’s perceived lead as a Financial and Business magnet for corporations despite the current ruckus with the Financial Industries. Dow/S&P stays nose down at 1400/13000 with Existing home sales at 10 AM ET coming in flat at 4.59 M units, the rise from a year ago at 4.22 M Feb 2011 while January was upwardly revised to 4.63 M,. The National Media Price from the report at $156,600 with forclosures and short sales 34%. Housing Inventory inched up ( and it’s good it did) to 6.4 months of Supply from a bare bone 6M supply in January. Single Family sales grew to 4.06 M units up on the year with price holding $157,100 while Condominiums and Co-ops sales are 530,000 up 4% on year at $153 K per unit
The West and North East are still shedding sales and prices from a high $195k and $225K while the Mid West and The South are still at all time pricing lows at $120k and $138k sales rising to 1.02 M and 1.77M respectively
VERDICT: The Housing Recovery is still standing!
Leading analysis from others is the return of Jobs to the US ahead of the Flash PMI number from China as Apple settles in oto a 100 mln unit iPad3 hot run rate and 3 mln opening weekend sales even as the fact of it getting hotter than the others brings it back in line for a face off with Consumer Reports whose cautionary report will be replaced however with a milder version for the iPad 3 next week.