I welcome your witty caption about these pigs swimming in a the Mediterranean Sea off the coast of Greece, where their banks and stock market have just shut down for a week. Grecians can’t pull more than 60 Euro out of ATMs per day, the supermarkets are running out of food, and the gas stations are running out of fuel.
Jumping on the “trouble in paradise” band wagon, Puerto Pico’s governor announced this morning that his Commonwealth cannot repay their $72 Billion in debt.
For the time being, the uncertainty has caused the DOW to drop 245 while the equity markets bleed into the bond markets. Our mortgage bonds are taking their share of the proceeds, driving prices up 59bps this morning.
Pending Home Sales rose 0.9% last month, below the 1.4% increase expected. At the same time, my favorite-named financial services company, Black Knight, reported that home prices rose 1% last month and are up 5% from 12 months ago.
