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CoreLogic reports this morning that there are still 5.1 million homes underwater in the U.S, down from 6.5 million a year ago.  Way to go collective America.

In about 20 minutes from now, President Obama will address the nation’s homeowners from Arizona to announce that FHA is reducing the cost on their monthly mortgage insurance by 37%.  More great news.

In the job front, Challenger, Gray and Christmas report that job cuts declined again last month; 2014 saw the fewest planned layoffs since 1997.  We are on fire!

Fedspeak about tame inflation continuing for a few years and interest rates remaining low for the same period has helped stocks rally in early trading (DOW is up 266), drawing money out of bonds and ironically placing upward pressure on interest rates.  Touch luck; good time to lock