Yesterday the New Home Sales number surprised everyone, plunging almost 33% in May to the lowest level since 1963. Of course, it followed two strong months where buyers rushed into the market due to the tax credit. Regionally, new-home sales plunged 23.9% in the Midwest, 53.2% in the West, 25.4% in the South, and 33.3% in the Northeast. Tuesday's two-year note sale was stellar, but the 5-yr sale did not go well (this took away some of yesterdays gains). The 7-yr notes will be sold today.
Today we’ve had the standard weekly Initial Jobless Claims number. Initial Jobless Claims dropped to 457,000. Six states’ unemployment had increases, and seven had no change. Nevada beat out Michigan for the first time in 4 years, and now has the highest jobless rate in the country (14%). We also found out the May Durable Goods number came in as expected. For now, mortgage rates are slightly improved from yesterdays close.
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