We’ve hit the bottom and we’re on the way back up. That’s the news from the latest Case Shiller index, which guages home prices across the country. Across the U.S., home prices rose an average 5.5% this past November, when compared with prices one year ago.
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Treasuries are opening down slightly this morning on optimism that Greece will be receiving aid again. It’s a big week in terms of economic releases [...]
Mortgage-backed security markets are rallying this morning as the S&P/Case-Shiller home prices report showed that the real estate market is struggling to stabilize. The report showed that prices dropped in February by the most in over a year. In other news, the Federal Reserve will begin their two-day meeting today and will also be selling $35 billion in 2-year notes.
Economic signals were mixed yesterday with the June S&P/Case Shiller indices and August U.S. consumer confidence both exceeded predictions while the August Chicago purchasing managers index was below expectations. Mortgages and Treasuries are relatively flat as investors position themselves for Friday’s employment report.