Markets are rebounding this morning after several days of losses. Bonds and MBS are flat.
Initial Jobless Claims rose 13k to 282,000 last week. The story remains the same: companies are reluctant to let go of employees.
Import prices fell 0.4% in November and are down 9.4% year over year. Blame low commodity prices. Note that some strategists are starting to say the downside in oil is limited at these prices.
The Bloomberg Consumer Comfort Index rose to 40.1 from 39.6 the prior week.
Everyone knows to treat Zillow’s Z-estimates with a grain of salt. Pre-crisis, they generally overstated property values and post-crisis, they have generally been low. Their median error rate is something like 8% (which is calculated by measuring the difference between the modeled value of a house and what it actually sells for). Now Redfin is rolling out their own model, which they claim has an error rate closer to 2%.
Rental prices in Manhattan have risen so much that potential renters are balking at the asking prices. Rental vacancies are at the highest level since 2006. In November, the median monthly rent in Manhattan rose to $3661, up 4% YOY.
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