S&P 500 FINANCIALS INDEX
| Value 204.21 | Change -2.05 | % Change -1.0% |
The Alerian MLP Index is down pennies in the 266s. All considered it's entitled to a rest. The Dow Jones REIT Index is off 1 in what has been a choppy period. Junk bond funds are steady at their yearly high (& correspondingly low yields) levels. The VIX is back up 1+ to the high 21s. Treasuries sold off, the yield on the 10-year Treasury bond is up 5 basis pints to 3.48%. Oil & gold are weak, but only slightly.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
Purchases of US homes in Sep rose to their highest levels in more than 2 years. Homebuyers rushed to take advantage of a tax credit before it runs out on Nov 30. Home sales jumped 9.4% to a 5.6M annual rate, following a 5.1M rate in Aug & above estimates. The median price fell at the slowest pace in a year as the number of houses on the market shrank. Higher sales were also helped by low mortgage rates. The number of previously owned homes on the market dropped 7.5% to 3.6M in September (shown in the graph). At this pace, it would take 7.8 months to sell those houses, the lowest level in 2½ years. Implications going forward are fuzzy. Further gains in housing may be related to Congress extending the tax credit.
•U.S. Existing Home Sales Jump as Buyers Seek Tax Credit Before Expiration
Homes on the market - 12 months
Markets are having a tough time, the Dow keeps waffling around 10K. Fridays tend to be quiet days & today may prove no exception.
Dow Jones Industrials --- 2 weeks
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1 comment:
Car sales fell precipitously after Clash for Clunkers expired. Same thing could very well happen with the sunset of the home buyer's tax credit.
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