Bryan Flynn's Central Massachusetts Mortgage Blog


Market Update May 23rd -Existing Home Sales

This morning Existing Home Sales were released and came in slightly better than expected.  4.89 mil v 4.85 mil.  But still on a downward trend year or year.  The US is off 17.5% in seasonally adjusted sales year over year and 8% in price during the same time frame.  The most interesting stat released was the inventory of homes which is just shy a year's supply at 11.2 months.  Let's hope the end is near.

Technically we are now below the 3 levels of resistance at the 25, 50 and 100 day moving averages and mortgage bonds are up today modestly at 22 bps as of this posting, so I recommend LOCKING.  The bond market is closing at 2pm today ahead of the long weekend and expect a sell off on light volume going forward today.

Comment balloon 0 commentsBryan Flynn • May 23 2008 10:54AM