Nov existing home sales, expected to be +2.5%, sales jumped 7.4%—another blow this morning for the bond markets. Sales totaled 6.45 mil (annualized), the best since Feb 2007. The median sales price at $172.600.00; the inventory levels at 6.5 month supply the best since Dec 2006. The jump is being attributable to the first time tax credit; NAR said it is looking for weaker sales in Dec and Jan. Spin it one way or the other, the bond and mortgage markets took another hit on the release, tomorrow we get Nov new home sales, expected to be up 2.1%.
Brad Dinkel of wrstarkey.com
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