Last Night’s Seven Peaks party was great. I again thank you for all that you do for my business!
In housing, the Home Price Index rose only 0.2% last month, but is up 5.6% from last year. Case Shiller 20 City Index shows a monthly contraction of -0.1%, and a year-over-year increase of 5.0%. New Home Sales numbers came in at 99% of expectation. All in all, some pretty good numbers.
In Stocks, the Shanghai Composite fell another 7.6% last night. Today, China is cutting interest rates to try and stabilize their rapidly declining stock market. Here in the U.S., after the worst three day selloff in the history of our stock market, the DOW, NASDAQ, and S&P market indices are all up about 2.25% this morning.