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Mar 21

Monday, Monday…. update

Monday, March 21, 2011

Mortgage rates:

  • 30 yr fixed, 4.79%
  • 15 year 3.99%

The Fed announced that it will sell its $142B MBS portfolio it acquired in the financial meltdown from AIG. It intends to sell $10B a month as long as market conditions can handle it. The Fed believes it will make a profit on the sales.

Feb existing home sales

Total sales volume was down 9.6% to $4.88 mil from $5.40 mil in January (January data revised up).

The February median sales price was $156,100 the lowest since Apr 2002 and down -5.2% from Feb 2010. There is an 8.6 month supply at current sales rate – an increase of 3.5% from January.

Distressed Properties

39% of sales in Feb were distressed properties, the highest since Apr 2009.

Not exactly a good housing report, but it didn’t phase the stock indexes. The DJIA actually improved after the report. Definitive news is better than speculation, I guess…

Photo from www.freefoto.com

 

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