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Has Southern California Bottomed Out?
With the latest sales figures on new and resale homes showing prices stabilizing can we say the market is flattening out? It looks like it. If a new wave of REO’s hit the market (those hidden inventory houses the banks are keeping off the market) we could see further declines, or at least a prolonged […]
Mid-Day Recap: Risk Averse Attitude Moves Stocks Lower. Yield Curve Rallies
Housing data was positive this morning but markets are reeling from mixed earnings reports and weak consumer confidence. Ninety minutes into the session, all three major indexes are trading lower, following 11 days of rapid gains.rnrnAs of 11:00, the S&P 500 is the worst of the bunch, down 0.52% at 977, while the Dow is trading 0.28% lower at 9083, and the Nasdaq has fallen 0.29% to 1962.
Consumer Confidence Suffers as Labor Outlook Worsens
The tug-of-war between rising unemployment and rising stock prices was won by the former this month as Consumer Confidence fell for the second month, coming in below analysts’ expectations.rnrnThe Conference Board measure of confidence fell to 46.6 in July, down from 49.3 in June. Leading the drop was a fall in the expectations component from 65.5 to 62.0, while the present situation component continues to report deep pessimism amongst consumers with a 23.4 reading, down from 25.0 last month.
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