Jobless claims flat - pending home sales rise
Posted April 27, 2012
Jobless Claims came in at 388,000 for the week, dropping by 1,000 and making it essentially a flat reading from last week. The delivered number was still higher than what the markets were expecting however, and initial reaction from the Treasury pits came in the form of a slight price increase, and the 10 year moved down to 1.93% by 9am. Mortgage Rates have maintained a fairly narrow range over the past few trading sessions.
Pending Home Sales numbers shot through the roof (no pun intended) in year over year data for March, jumping 12.8% since March 2011, and up 4.1% since February, 2012. Market expectations were for a half percent increase in sales. According to the National Association of Realtors, first quarter home sales were the strongest the market has seen in five years. This data reinforces the notion that the housing market has finally turned a corner, and that we’re starting to see those consumers who had been on the sidelines, finally decide that the buying conditions are simply too attractive to ignore across the United States, and more specifically here in the Triangle.