The major averages begin the holiday shortened week with small losses despite generally positive economic data. Growing fears of emerging market contagion produced another round of currency devaluation overseas.
Commercial Mortgage Backed Securities or CMBS delinquency rates continue to slip falling to 4.73% in July per Moody’s Investor Services. The lowest level reported since late 2009, even retail, beset by bankruptcies and store closures saw falling rates of delinquency.
Core Logic reports that it’s home price index gained .3% in July and 6.2% from a year ago. While still positive the rate of increase is slowing markedly as some markets have wobbled of late, notably New York. Las Vegas, San Francisco, and Los Angeles are the top three for year ago gains at the city level, while Nevada, Idaho and Washington are the fastest rising state markets.
The Institute of Supply Managers or ISM Manufacturing Index gained 3.2 points in August to 61.3 on broad based incremental gains. Prices paid slipped a little for a 3rd month but remain very high at 72.1.
Construction spending advanced .1% in July but missed expectations significantly. Strength was seen in residential and public construction; commercial construction fell markedly.
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