Morning Report

Vital Statistics:

Last Change Percent
S&P Futures 1407.2 0.8 0.06%
Eurostoxx Index 2522.2 -3.0 -0.12%
Oil (WTI) 106.12 -1.2 -1.13%
LIBOR 0.4697 -0.001 -0.21%
US Dollar Index (DXY) 79.086 0.039 0.05%
10 Year Govt Bond Yield 2.21% 0.02%
RPX Composite 169.78 0.2

Markets are flattish after Durable Goods orders, which came in below expectations. February Durable Goods came in at 2.2% vs 3% expectations. Bonds and mortgages are off slightly. June 10-year bond futures are trading at 138 after bouncing off a low of 135-05 last week. Mortgage applications also fell 2.7% for the week ending Mar 23 as the backup in mortgage rates hurt refinancings.

The American Bankers Association released its Real Estate Lending Survey yesterday. The survey of 185 respondents, of which the vast majority are small community banks, said that lending conditions at the end of 2011 are about the same as they were at the end of 2010, with regulatory uncertainty as the main concern. The average delinquency rate fell slightly over 2011.

Is Mark Zandi becoming the Abby Joseph Cohen of real estate and the economy? Seems so. The Washington Post locates a pocket of optimism in real estate, citing Zandi and some Northern Virginia Realtor. Washington DC real estate inhabits a world of its own, so I don’t think it necessarily applies nationwide.

Redwood Trust did another jumbo securitization yesterday, more evidence that the private label market is returning.

2 Responses

  1. DealBook is keeping up with the developing MF Global case. Fascinating. “Back room” employees noticed the shortfall.

    Like

  2. The hearings are going on right now. I am very disappointed Bloomberg TV is opting to show filler material instead.

    Like

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