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Existing Home Sales Slightly Weaker than Forecast; Limited Reaction
Posted to: Micro News
Friday, February 21, 2014 10:10 AM

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Much in the same vein as previous economic reports this week, bond market trading volume has increased noticeably while yields/prices haven't moved in the first few minutes.  Stocks may be rising though, and that could be the deciding factor for the bond market reaction.  We'll see.

Unlike the week's previous housing-related economic releases, Existing Home Sales were fairly close to consensus.  Here's the run-down:

Existing Home Sales

  • 4.62 mln vs 4.68 mln forecast (January, annualized pace)
  • Lowest since July 2012
  • December unrevised at 4.87 mln
  • 1.9 mln units for sale, 4.9 months worth
  • 15 percent were distressed sales
  • Median prices decline from $198k to $188.9k.  Still 10.7 pct higher year over year

10yr yields still steady at 2.757 and Fannie 4.0s just half a tick under 104-00 (down 2 on the day)




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