Home Prices Rose 1.5% from April to May
June 24, 2013
Stocks and Bonds are both moving lower to start the last week of the month and as the 2nd quarter ends this Friday. The hint that the U.S. Federal Reserve will begin to start easing back on its current stimulus program, dubbed QE III, has investors in both asset classes selling securities at a fast clip. The yield on the 10-Year T Note has risen to 2.63% from the 1.63% recorded on May 1, while in that same time, the closely watched S&P 500 Index went from 1,687 to the current level of 1,568.
Over in the housing markets, Lender Processing Services reports that home prices rose 1.5% from April to May and are up 8.1% since last year this time, the mortgage analytics firm said. The average price is up to $217,000, up 4.5% from the beginning of 2013, but below the $265,000 recorded in June of 2006. The report went on to say that every one of the 20 largest U.S. States saw rising home from March to April.
This week the economic calendar really heats up with readings on housing, inflation, GDP, consumer confidence and sentiment. In addition, the Treasury will sell a total of $99B in 2, 5 and 7-Year Treasury Notes this week beginning on Tuesday. Earnings season is set to kick off in a few weeks as investors will be able to gauge the financial health of U.S. companies