Greg's Market & News Report Week of 4-5

Greg Afarian's Market Report week of April 4th through the 9th. This week we saw testimony on Capitol Hill regarding the mortgage crisis as committee members questioned former Fed Chairman Allen Greenspan, former U.S. Treasury Secretary Robert Runin, Ex Citigroup CEO Chick Prince. It is upsetting to still be talking about this issue. The problem was that greed / corruption got the better part of alot of people and we are all now paying the price.

Oil hit $87 a barrel this week settling to $84.89 and Gold has been up as well reaching $1,161. These are two key inflationary signs but, the Fed will probably have the blinders on regarding rates due to the higher risk of slower
growth. The Stock Market is doing quite well as it approaches 11,000 and could be seen as a Bullish sign. Many people on Wall Street are calling for the end of the recession. Last weeks Jobless Claims Number might be a strong argument. But, if you look at the numbers closely you would see that out of the 162,000 jobs added nearly 60,000 of them are temporary jobs added for the census. Economist bragging over this figure (the biggest gain in 3 years) really should look deeper into the numbers. The Unemployment Rate in the United Sates is still 9.7%.

30 Year Fixed Rate Mortgage Rates rose dramatically this week due to an auction of 10 Year Treasury Notes. The 30 Year Fixed Rate average rose to 5.31% up from 5.04% last week. The 15 Year Fixed Rate was up as well to 4.54% from last weeks 4.34%

Existing Home Sales last week fell for the 3rd straight month as inventories grew 9.5% to 3.59 Million Units and a 8.6 month supply. What is surprising is that 27% of all purchases are cash transactions. New Home Sales in February were down 2.2%, it was expected to go up 1.9% and in January New Home Sales (new construction) was down 8.9%.

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About the Me: The above Real Estate information was provided by Greg Afarian, l can be reached via email or send me a message on Twiter

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