Posts under ‘Daily Market Comment’

Existing home sales up 5% in December. For 2011 sales increase 1.7%, prices slip 2.5%, inventory falls to 2.38 million units. Fraudclosure scandal settlement?

Santa Cruz county home prices fall more than 10% in 2011. Housing completions make a new record of 630,000 in 2011. The World Bank puts 2012 world GDP at +2.5%

PPI falls .1% in December, factory output increases .4% during the same period. Chase bank is stopping some collections amid allegations of fraud.

FOMC minutes from 2006 shows that the Alan Greenspan chaired Fed was clueless, as their statements at the time implied. 2011 proves a tough year for investors.

JP Morgan misses earnings. Import prices drop .1% in December but gain 8.5% in 2011. November Trade Deficit jumps to 47.8 billion. S&P cuts euro credit ratings.

Real estate shadow inventory is 9.8 million and potentially a trillion in losses for the banks. Morgan Stanly has the highest default risk as its CDS hits 379.

Mixed economic data, BLS reports California has 3 counties in the top 10 for wage gains last year. A Fed governor cites lawlessness for the current crisis.

November Consumer Credit jumps 10%, its largest advance sine 2001. A new credit already, is that even possible? Borrowing your way to prosperity doesn’t work.

Earnings season kicks off today. Real estate prices fall again as per CoreLogic. Q 4 Mall vacancy falls to 9.2%, construction hits a 31 year low, as per Reis.

December BLS jobs reports is +200,000, hours and wages also improve. All beat expectations, a good report but not quite as great as the headline suggests.