With mortgage rates lower than most people could have ever predicted and more homes being sold on a monthly basis, we could be prepping ourselves for a housing market rebound. Just with any sort of market analysis, you’re going to get the folks who think that everything is fine and dandy, and you’re going to find writers who feel that everything is in a pre-apocalyptic state.
Treasuries opened higher this morning on speculation that Greece will be unable to avoid a debt default. Later this morning, the National Association of Home Builders will be releasing their April housing market index which is expected to be unchanged. S&P just revised the U.S. long-term outlook from a stable rating to negative…mortgage-backed bonds initially sold off approximately a quarter point from this morning’s open.
Treasuries and mortgage bonds are lower after an announcement that the government plans to wind down its $142 billion portfolio of mortgage-backed securities. Some of the key economic releases slated for the week include the housing numbers and Friday’s Gross Domestic Product report.
Bond markets are down from where they opened on Friday morning. The focus of this week’s economic data will be on Tuesday’s FOMC meeting and the housing data. We do not expect significant changes to the language in the FOMC statement, however, there is a lot of speculation of a second round of quantitative easing.
The Fed showed their concern last week over a potential stalled economic recovery when they said that they would continue buying treasuries in an effort to keep rates low. Some of the key economic releases for the week include the $107 billion of Treasury auctions, Wednesday’s housing data and Friday’s GDP.
Treasury prices are slightly higher this morning following this weekend’s uneventful G20 talks. We have a busy week with important date to comb through. We have consumer and housing data, manufacturing data, and very important June employment date on Friday.
More Americans are choosing smaller living spaces when compared to previous years according to preliminary US census data.
Data from the Federal Housing Finance Industry provides insights into the top 5 states where you’re most likely to see a return on your housing investment.
We have a lot of economic releases slated for today, beginning with January’s housing data, which came in higher than expected and is sending bond markets down even further.
While there is nothing on the economic calendar today, the remainder of the week will be packed with important data. Key reports include the PPI, housing data, and CPI.