Libor; Consumer Confidence; S&P Schiller Index
Summary: Despite 300 basis points in cuts since Sept 07, mortgage interest rates continue to rise.
Consumer Confidence plunges to a 35 year low, not seen since Nixon.
NAR Housing price plunge confirmed with record S&P Schiller price index decline.
Vive Le Libor... Today, the three-month London interbank offered rate, or Libor,
for dollars increased 5 basis points to 2.66%, the highest level since March 14,
The libor rate is used to calculate most ARM loans, the higher it goes, so go the adjustable mortgages.
Bank Of America raised their rate on a conforming SFR, fixed 30 year, owner occ, with 20% down to 5.875% paying 1 point.
Junk bonds and emerging market debt are also suffering as the credit and solvency crisis continues to choke an already deteriorating economy.
S&P Schiller Housing Price Index YOY -11.4% Full Report
The 10-City Composite set yet another new record, with an annual decline of 11.4%. The 20-City Composite recorded an annual decline of 10.7%.
Home prices continue to fall, decelerate and reach record lows across the nation.
No markets seem to be completely immune from the housing crisis, with 19 of the 20 metro areas reporting annual declines.
Consumer Confidence Mar 64.5 vs prior 76.4 Full Report
The decline in the Present Situation Index implies that the pace of growth in recent months has weakened even further.
Looking ahead, consumers' outlook for business conditions, the job market and their income prospects is quite pessimistic and suggests further weakening may be on the horizon.
The Expectations Index, declined to 47.9 from 58.0. and in fact, is now at a 35-year low (Dec. 1973, 45.2), levels not seen since the Oil Embargo and Watergate.
Consumer Confidence plunges to a 35 year low, not seen since Nixon.
NAR Housing price plunge confirmed with record S&P Schiller price index decline.
Vive Le Libor... Today, the three-month London interbank offered rate, or Libor,
for dollars increased 5 basis points to 2.66%, the highest level since March 14,
The libor rate is used to calculate most ARM loans, the higher it goes, so go the adjustable mortgages.
Bank Of America raised their rate on a conforming SFR, fixed 30 year, owner occ, with 20% down to 5.875% paying 1 point.
Junk bonds and emerging market debt are also suffering as the credit and solvency crisis continues to choke an already deteriorating economy.
S&P Schiller Housing Price Index YOY -11.4% Full Report
The 10-City Composite set yet another new record, with an annual decline of 11.4%. The 20-City Composite recorded an annual decline of 10.7%.
Home prices continue to fall, decelerate and reach record lows across the nation.
No markets seem to be completely immune from the housing crisis, with 19 of the 20 metro areas reporting annual declines.
Consumer Confidence Mar 64.5 vs prior 76.4 Full Report
The decline in the Present Situation Index implies that the pace of growth in recent months has weakened even further.
Looking ahead, consumers' outlook for business conditions, the job market and their income prospects is quite pessimistic and suggests further weakening may be on the horizon.
The Expectations Index, declined to 47.9 from 58.0. and in fact, is now at a 35-year low (Dec. 1973, 45.2), levels not seen since the Oil Embargo and Watergate.
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