housing

Actual -15.8 yoy Last -15.2 yoy Housing prices continue to be a concern - along with banking - consumer spending - loan growth

The congressional Joint Economic Committee estimated today that 2 million subprime mortgages could go into foreclosure over the next 18 months.  As a result, they further estimated that states w

The US mortgage applications purchase index decreased 3.1% for the week to 415.9 from 429.1. However, the 4 week average is up 2.5% from the average in Q4 and 1.0% from the average in Q1.

The market has quieted down as the stock market slowed it's move lower and profit taking ensued. The Fed Minutes will be coming out at 2:00. The market will be looking for clues on what the Fed is thinking when they kept the rates unchanged.

The situation with the Fed, however, is day to day. Bernanke speech on Friday, then the employment report a week from Friday will clear the picture before the September Fed Meeting. Much is still dependent on the data and in particular the consumers reaction to the housing issues.