Despite a fair amount of news this week, the overreacting media commentary has been refreshingly subdued. Perhaps the critics, with the traders, are capitalizing instead on the upcoming holiday weekend to extend a seven into a ten day vacation.
Meanwhile the S&P quietly hit another all-time high and reports show that home building has made a spectacular comeback to levels not seen since the pre-bust housing boom. Sales of existing homes slouched slightly and unemployment filings rose a touch. At the same time, the mortgage bond pool pricing has stabilized after that 200bps jab to the face that caused 30 year interest rates to rise 1/4% earlier in the month.
Have a happy Memorial Day weekend and let me know how I can help you with your financing needs.
