After a couple of bad days, Mortgage Bonds are attempting to stabilize, but remain beneath a triple ceiling. Stocks are trading sharply lower, giving prices a modest boost higher, but the gains in Bonds were capped at the aforementioned ceiling of resistance.
Housing News - Existing Home Sales for April were reported at 4.89 Million, better than expectations of 4.85 Million and down slightly from last month’s higher revised 4.94 Million. The inventory of unsold existing homes rose to an alarming 11.2 month supply. The median home price is $202,300. Aside from the modest upside surprise in overall sales, the report was pretty weak. This has kept the selling pressure on Stocks.
