Morning Report – Consumers are becoming more constructive on housing 2/10/15

Markets are higher this morning as the Greek government offered a compromise on the bailout. Bonds and MBS are down worldwide, with the US 10 year yield flirting with a 2 handle.

Greek 10 year bond yields are down 68 basis points as the Greek government and international creditors hammer out a deal.  This is fueling a risk-on trade as stocks rise / bonds fall.

The NFIB Small Business Optimism Survey fell to 97.9 from 100.4 in January. Expectations were for a  101. The IBD / TIPP Economic Optimism Index fell in February from 51.1 to 47.5. Job Openings topped 5 million according to the JOLTS survey.

Consumers are feeling a little better about the housing market, according to the Fannie Mae National Housing Survey. Expectations of home price appreciation rose to 2.5% from 2.3% a month ago, and almost half of respondents thing prices will go up in the next year. Americans are still negative on the economy, but less so, with 49% believing we are on the wrong track and 44% believing we are on the right track.

Foreclosure Completions fell to 39,000 in December, a 4.9% drop month-over-month and a 13.7% drop year-over-year, according to CoreLogic. Current foreclosure inventory is 552k homes, a decrease of 34.3% from a year ago. New Jersey and New York continue to lead the US with the highest percentage of foreclosures.

20 Responses

  1. Scott – David Dayen calls out the Vox interview too for Obama’s dishonest comments on TPP.

    http://www.salon.com/2015/02/10/what_potus_didnt_tell_ezra_klein_the_scary_truth_about_americas_new_trade_deal/

    Like

    • jnc:

      David Dayen calls out the Vox interview too for Obama’s dishonest comments on TPP.

      I can’t help but think of Meghan Trainor every time I see Obama.

      Like

  2. Worth watching:

    “U.S. Is Seeking Felony Pleas by Big Banks in Foreign Currency
    By Ben Protess and Jessica Silver-Greenberg
    February 9, 2015 10:00 pm

    Attorney General Eric Holder, who will soon step down, has been faulted for a lack of cases against Wall Street executives.
    Attorney General Eric Holder, who will soon step down, has been faulted for a lack of cases against Wall Street executives.Credit Justin Sullivan/Getty Images

    The Justice Department is pushing some of the biggest banks on Wall Street — including, for the first time in decades, American institutions — to plead guilty to criminal charges that they manipulated the prices of foreign currencies.”

    http://dealbook.nytimes.com/2015/02/09/u-s-is-seeking-felony-pleas-by-big-banks-in-foreign-currency-inquiry/

    My guess is that they would go to trial rather than do this.

    Like

    • McWing:

      Impressive.

      When I lived in the UK I got pulled over once for talking on my phone while I was sitting in traffic. The cop seemed like a nice guy, so I engaged him in a friendly discussion about the merits of giving out a ticket for this. I pointed out that I see policemen talking on their radios all the time while driving. How was this any better than me talking on my phone while sitting in a traffic jam? He “ummed” and “ahhed” for a bit, then finally said “Well we get special training.” Which made me literally laugh out loud. After a pause, he joined me in laughing, knowing he was full of shit. Then he handed me the ticket anyway.

      Ah yeah, I almost forgot…Brian Williams was there, too.

      Like

  3. Eugene Robinson gets it:

    “At the prayer breakfast, President Obama struck a patronizing tone
    By Eugene Robinson
    February 9 at 8:27 PM”

    http://www.washingtonpost.com/opinions/patronizing-at-the-prayer-breakfast/2015/02/09/90215174-b09c-11e4-854b-a38d13486ba1_story.html

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  4. Cops can be real douches.

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  5. Heh.

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  6. he who fucks nuns will later join the church….

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  7. Huffington Post has a collection of Obama’s greatest gay marriage hits.

    http://www.huffingtonpost.com/2015/02/10/obama-same-sex-marriage_n_6652892.html

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  8. Is this good or bad tax dodging?

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  9. @ScottC: “When I lived in the UK I got pulled over once for talking on my phone while I was sitting in traffic. ”

    “Tickets” are the branding the police put on a particular class of taxation. Generally, I would call it the “driving like a normal person” tax.

    Like

  10. By reaching so far back into history, Obama seemed to echo those who argue that today’s turmoil and terrorism are taking place because Islam has not yet had a Reformation or the Muslim world an Enlightenment. I won’t put words in the president’s mouth. But I will say that, whatever he meant, to compare the depredations of the Islamic State with those of the Crusaders is patronizing in the extreme.

    hey, that was my argument!

    Like

  11. “Tickets” are the branding the police put on a particular class of taxation. Generally, I would call it the “driving like a normal person” tax.

    Tickets are a reverse lottery. Citizens are selected at random and forced to pay the government money.

    Like

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