The Bears are Back in Town

Cash sales on homes dropped 2.8% last month, making up only 35% of total residential home sales.  The decline comes as a result of a downturn in investor participation and not from an easing of the mortgage application process.

Jobless Claims are up by 2,000 to 279,000.  New Unemployment filings have been under 300,000 now for 14 weeks, the longest streak in 15 years.

Mortgage pricing is up 22 today, but don’t be fooled by that old bear.  The momentum has stalled out at the falling trend line and we should expect another big price drop in the morning, putting additional upward pressure on interest rates.