Economic Reports 08/27/07
Summary: Insiders buying Financials, meanwhile SFR sales off a cliff -8.3% with housing inventories building to a 16 year high.
Insiders... On Aug 15th the SP 500 Financials Index hit a 13-month low. Since, insiders at companies in the index have bought $26.9 million of stock in August.
The last time insiders bought more shares of financial companies was in October 1995, when they purchased $37.2 million,.
That was three months after the Federal Reserve cut its benchmark interest rate to 5.75% from a 4 year high of 6%.
Existing Home Sales Jul -0.2% to 5.75M Full Report
Inside the number: 5th straight sales decline and a 5 year low, YOY -9%. Inventory +5.5% YOY +31.5% @ 9.6 months.
SFR sales -0.4%; not seasonally adjusted -8.3%; YOY -9.3%; inventory at a 16 year high, +2.2% YOY +27.8% to 3.85M, a 9.2 month supply, most since Oct 1991.
Median price -0.6% @ $228,900
Insiders... On Aug 15th the SP 500 Financials Index hit a 13-month low. Since, insiders at companies in the index have bought $26.9 million of stock in August.
The last time insiders bought more shares of financial companies was in October 1995, when they purchased $37.2 million,.
That was three months after the Federal Reserve cut its benchmark interest rate to 5.75% from a 4 year high of 6%.
Existing Home Sales Jul -0.2% to 5.75M Full Report
Inside the number: 5th straight sales decline and a 5 year low, YOY -9%. Inventory +5.5% YOY +31.5% @ 9.6 months.
SFR sales -0.4%; not seasonally adjusted -8.3%; YOY -9.3%; inventory at a 16 year high, +2.2% YOY +27.8% to 3.85M, a 9.2 month supply, most since Oct 1991.
Median price -0.6% @ $228,900
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