Friday August 20th, 2011 6:15  PM ET
By John Sauro

Can You Say Whiplash?
Whiplash is a good description of the recent activity in the financial markets. The stock market has logged its worst 4-week drop since March of 2009. Stocks accelerated their selloff to finish near session lows in light, choppy trading Friday as investors were reluctant to remain in the market ahead of a weekend, amid worries over a global recession in addition to the ongoing euro zone jitters.

Bonds prices and Mortgage rates have been the beneficiary of the concerns in the global economy and the selloff in stocks. The 10 Year Treasury yield plunged to a record low of 1.97% as the weekly 30-year mortgage tracked by Freddie Mac hit a low not seen in over 50 years. At one point the 30 year conforming fixed rate was priced at 4 percent.

After a wild week of trading, Mortgage Bonds hit a ceiling of resistance at the $101.75 level to settle the week at $101.44. The charts are showing a “Bearish Double Top Reversal”, a good reason for my bias toward locking into mortgage rates.
If the stock market reverses, it’s  possible much of the gains in Bonds would evaporate pushing mortgage rates higher.

Inflation numbers and expectations will help to determine the direction of interest rates.  It’s important to pay close attention to incoming inflation numbers and expectations – as in order for Mortgage Bonds, the 10-year Note and the 30-year Bond are to go higher – inflation expectations and numbers must level off.  Otherwise Bond prices will have to move lower over time, pushing mortgage rates higher.

Economic News

Home prices rose 1% in May compared to April, and 16 of 20 metropolitan areas tracked by the Standard & Poor’s/Case-Shiller house price index registered monthly price gains.

The Mortgage Bankers Association’s weekly mortgage applications survey for the week ending Aug. 12 noted its market composite index – a measure of mortgage loan applications – grew 4.1% on a seasonally adjusted basis, while the same index increased 3.6% on an unadjusted basis.
The Wall Street Journal said that Fannie Mae is paying $500 million to buy $73 billion worth of servicing rights from the wobbly Bank of America. Since Fannie is a ward of the Treasury that means the $500 million (more or less) is coming from – guess who– Taxpayers.

July Housing Starts Off 1.5%, Less Than Expected; Permits Down 3.2%,

Lower rates and more liquidity will not help this economy further.  There is plenty of money to lend, but the “velocity of money”, the rate at which money is spent or lent, is as Fed President Richard Fisher said, “in a coma” …meaning that everyone is neither spending nor lending.
Gold hit a Record $1,877 an ounce on Friday, highlighting the ongoing panic buying over the debt crisis.  Analysts believe a correction of 8 percent is likely as prices may be overblown due to the debt crisis.

Jobless claims up to 408,000
Initial jobless claims increased 2.2% last week, climbing back over 400,000.
The Labor Department said the seasonally adjusted figure of actual initial
claims for the week ended Aug. 13 rose by 9,000 to 408,000 from 399,000 the
previous week, which was revised upward 4,000. Analysts surveyed by Econoday
expected 400,000 new jobless.

Inflation Surging:
Producer Price Index Gains 0.4%; Up 0.2 % ex-Food and Energy

Market Update  Friday August 5th, 2011
By John Sauro

Friday was another whipsaw day for the markets. This time Bonds lost some of the ground gained earlier in the week due to a better than expected Employment Report.

Bond markets surged on Tuesday  and Thursday while the Dow plunged.

The flight to safety continued on a weakening US economy and as the European crisis lingers. The 4% Bond coupon rose 69bp Tuesday finishing at 102.59.  The rally in Bonds continued through to Thursday, when the stock market lost 500 points.

Bonds finished the week at 102.50 up 50 basis points from Mondays close.  The 30 year fixed mortgage rate is currently at 4.25%.

U.S. Credit Rating Downgraded to AA+

Timing is everything.

Monday could be a bad day for Mortgage rates, as the downgrade could weigh heavy on Bond prices which would mean higher rates.

So if you are considering buying or refinancing, take advantage of the volatility by working with a seasoned professional who keeps an eye on the bond market and can advise you when to lock in.

The right advise could mean saving as much as a 1/2 % on the interest rate.

Buckle up, as I don’t think the volatility is over. 

Mortgage Deduction Under Fire

President Obama, a Democrat, has no qualms about killing or whittling down the Mortgage Interest Deduction. He just doesn’t get it.  This President has done Nothing, Absolutely Nothing to help the real estate market recover.  And this is astonishing considering that real estate accounts for one fifth of the GDP. The word on the Hill is that they fully expect the Mortgage Interest Deduction to get carved down to $500k from the current $1 million – as part of a long term debt deal between the GOP and White House.  

June Home Construction Climbs to $772.3B Annual Rate

Annual rates for construction spending crept forward in June, according to a report released by the Census Bureau, which reported figures for the industry climbing to $772.3 billion, some 0.2 percent, plus or minus 1.8 percent, above the $770.5 billion estimate over May. Despite contrasting May with gains over June, new construction spending figures that month this year still dropped beneath the $810.4 billion mark seen during the same month last year

The Economy Grew 1.3% in Second Quarter, Slightly Less Than Expected.

Second-half growth to pick up, racking up an annual gain of 2% as the impact of first-half shocks fades, reported “The Kiplinger Letter”. Consumer confidence is ticking upward.

And a decline in initial unemployment claims to below 400,000 spells improvement.

Non-Farm Payrolls Rise by 117,000, Unemployment Rate Drops to 9.1%, which is lower than Expected

Market Update  Wednesday July 27th, 2011 5:30 pm ET
By John Sauro

Bonds have held up fairly well this week considering the uncertainty regarding the Debt Ceiling debate and Wednesday’s poor 5-Year Note auction.  Another thing that keeps U.S. Bonds attractive is the European Debt Crisis. Where else can you put your money?

The technicals indicate Mortgage Rates will move higher in the short term and then move sideways thereafter.

Economic News

Homebuyers Rush to Jumbo Loans as Limits Near Expiration

While Congress wavers on a proposed bill that would fix higher limits for federally insured Jumbo loans, homebuyers for high end properties are moving quickly to lock into Jumbo loans with lower than Jumbo Rates.  Last Saturday the Wall Street Journal reported a surge in high-end purchases that could be the highest in five years, mostly because government officials are unlikely to keep limits at $729,750.

The big question is, when loan limits go down who will step up and make loans from $625,000 and up at affordable interest rates.  It’s not likely to be the big banks, as they prefer brokering most of their loans to government entities like Fannie Mae.

Home Prices Show Improvement in May

Seasonal gains help S&P/Case-Shiller rise in May from month earlier. The average price of a single-family home rose again in May after the first gain in eight months in April, according to the Standard & Poor’s/Case-Shiller index. The S&P/Case-Shiller 10-city composite index increased 1.1% in May from the prior month and the 20-city index rose 1%.

New Home Sales Fall in June, Prices Rise

Reuters reported New single family –home sales unexpectedly fell in June, but a sharp rise in prices and declining supply suggested the market for new houses was starting to stabilize, showed a government report on Tuesday.

Stabilizing non-distressed home prices, a declining shadow inventory and stronger foreclosure auctions should lead to lower distressed sales and less downward pressure on prices, according to CoreLogic.

Durable Goods Report came in at -2.1% well below the 0.5% rise expected.  This report is yet another indicator of a sluggish economy.

Broker or Bank?

It’s quite astonishing how little the general public knows about what has been happening in the lending markets.  Every now and then I have a conversation with someone seeking home financing and they believe that the banks will give them the best terms for financing.  It’s really naive when you consider the bad publicity the big banks have had over the past three years.

First – let’s remember that the big banks and Wall Street were responsible for the shape the economy is in.

Second – they robbed you and I, the “Taxpayer’ of $700 Billion dollars (the “Stimulus Package”), of which they never made loans with, as was the governments intended use.

Third – the Banks are not required to educate, license or test their loan originator employees as Brokers and small Lenders are.

Fourth – Banks do not disclose all their fees and revenues as Brokers & small Lenders always have.

Fifth – Recent laws and rules make it impossible for Brokers and Small Lenders to take advantage of the consumer.  However, Banks are exempt and are taking advantage of the consumer.

Sixth – The Banks are not Banks; rather they are Brokers, as they don’t lend their own money. They sell the loans to Fannie Mae, Freddie Mac and FHA.

Seventh – Therefore, doesn’t it make sense that since the bank is really a broker; why not use a broker that has many more options than those of one bank.

I strongly recommend watching the recently released HBO Movie “Too Big To Fail”.

I was a Contributing Editor for CNBC, Bloomberg and Fox TV during the credit meltdown and will say that the movie is pretty accurate and does a good job of explaining who was responsible for the credit crisis and how it all unfolded, in a way that the average person can understand. 

The point is; there are better options available for home financing than using the very banks that are responsible for the Credit Mess, Hi Unemployment, Falling Real Estate Values, and Wiping Out a chunk of your 401k.

 
Saturday July 22nd, 2011 5:15 pm ET
 
By John Sauro

Mortgage Rates in a Sideways Pattern

Mortgage Bonds and Rates had another week of volatility, up one day and down the next.  Much of it due to the uncertainty over the Debt Ceiling talks.  The upward trend line for Mortgage rates continues.  With Mortgage rates still close to best ever levels many wonder “Is now is a good time to lock”? And the answer is with out a doubt …YES.  Is it possible for rates to come down a little, yes.
However any improvement will be short lived, and rates have a lot more room to move higher than they do lower. See the chart below.

 Chart of Fannie Mae Bond Prices – Remember, Mortgage Rates Move inversely of Bond Prices.

Economic News

Finally! A Surprising Good Report For The Housing Sector
June Housing Starts were 629,000, much better than the 570,000 expected.  Building Permits were 624,000, also better than the 609,000 expected.  While this is only one number and one number doesn’t make a trend…this is a good figure, and we will be watching closely for follow through in future readings.  Could this be the beginning of a recovery in Housing…hopefully, this is the start of better things to come for the housing market. 
Keep in mind this good news on housing will weigh on Bond prices and improvements in Mortgage Rates won’t get much lower, especially if future economic reports are better than expected.

NAHB: Homebuilder Confidence Up in July
The National Association of Home Builders reported an increasingly improved outlook for single-family homebuilders The Housing Market Index jointly released by Wells Fargo and NAHB shows a 13-point rise in homebuilder confidence, up from the three-point plunge in June. In July two of the three indexes saw strong gains, up from declines in May. The current sales conditions went up to 15 from two points, the same as in May-as sales expectations for the next six months surged by 22 points.

Double Dip for Real Estate Unlikely
In its July economic and housing market outlook report Freddie Mac said the housing sector is unlikely to see a double dip, despite uncertainty about the debt ceiling and a stubbornly high unemployment rate.

June Existing Home Sales Drop, Cancellations Up
The National Association of Realtors said sales fell 0.8 percent month over month to an annual rate of 4.77 million units, the lowest since November. May’s sales were unrevised at a 4.81 million-unit rate.
Refinances And Mortgage Applications Jump

The Mortgage Bankers Association reported a jump in mortgage applications by 15.5% for home purchases and 23.1% in refinances from the previous week. One reason for the rise in refinances may be due to borrowers opting to lock in fixed rate financing before the new conforming/jumbo loan limits decrease in September.  Lenders have already begun to implement those changes.
Jobs
Initial Jobless Claims came in at 418,000 and above the 400,000 mark for the 15th consecutive week, 10,000 more than expectations.  The number needs to come in below 400,000 in order to signal any meaningful improvement in the Labor Market.

 
 
Friday July 15, 2011 6:00 pm ET
 
By John Sauro

Make Volatility Work For You

Mortgage Rates started the week a bit lower as the 4.00% Mortgage Bond opened at $100.90.  The Bond was down Tuesday, up Wednesday, down Thursday and up Friday finishing the week at $ 100.78.  Volatility was due to concerns that the Greek debt woes would spread throughout Europe, a 9.5% China growth rate, Fed Chairman Bernanke’s comments regarding additional stimulus, recent Bond auctions and inflationary economic reports.
You can use this volatility to your advantage when it comes time to lock into a Mortgage Rate.  If the market was not volatile, then your chances of locking into a lower rate are greatly diminished. Volatility allows for more opportunity.  So if you missed a locking into a low mortgage Rate today, you may have another shot at it tomorrow.  However, be prepared.  Have your application in so that you can lock your rate with a phone call or email.

Dodd Frank to Further Restrict Credit

As if credit isn’t tight enough, Dodd Frank rules regarding mortgages is about to further restrict credit.
According to the language in the Dodd Frank Bill, anything other than a 30 year fixed rate with less than a 20 percent down payment is not a qualified residential mortgage.
No more adjustable rate or interest only mortgages, no 40 year mortgages, no mortgages with 5 or 10 percent down.
The Dodd Frank Bill goes into effect July 21st.  Trade associations have been lobbying for changes to the language and government agencies have been trying to more clearly define QRM.  For now, it’s wait and see.

Economic News

Moody’s threatens to lower U.S. AAA rating.

Weekly Jobless Claims fell 22,000 to 405,000.  Better than the expected 410,000 but still above the important 400,000 mark.

The Core CPI came in Hot at -0.3%, more than the 0.2% expected.

Friday July 8^th,, 2011 4:58 pm ET   

By John Sauro

What a Difference One Report Makes

Jobs Report shocker – only 18K new Jobs created in June. Way below economists’ expectations for a 90,000 rise.  Bonds jump higher on the news.  The jobs were the weakest since Sept 2010. The unemployment rate, expected unchanged at 9.1%, increased to 9.2%, the highest since Dec 2010.

 U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dashing hopes that the economy was beginning to lift itself from the soft patch.

 The Jobs Report news was a shocker because only yesterday ADP reported a drop in Weekly Jobless Claims to 418,000, more than expected. So everyone expected today’s Jobs Report to be similar.

However, this was good news for Mortgage Rates as they are determined by Bond prices.  The Bond market rallied on the surprising jobs report news.   The 4 percent Bond closed at $100.59, up 81 basis points from yesterday’s close of $99.78 and pushing the Bond above the 200-day Moving Average. 

U.S. Home Prices Poised to Climb as Foreclosures Wane, HUD’s Donovan Says

An article written July 4^th by  Kim Chipman for Bloomberg

Home sales have increased in six out of the past nine months .Prices for U.S. homes may climb as soon as the third quarter, ending declines as foreclosures decline make more home available for sale, Housing and Urban Development Secretary Shaun Donovan said.  “It’s very unlikely that we will see a significant further decline,” Donovan said yesterday on CNN. “The real question is when will we start to see sustainable increases. Some think it will be as early as the end of this summer or this fall.”

Home sales have increased in six out of the past nine months and the number of property owners in default is declining, Donovan said on CNN’s “State of the Union” program. Housing prices will begin rising as the number of foreclosures declines, he said.

“In the long run, it’s a good time to buy,” Donovan said. “It’s so affordable today compared to where it’s been for generations.”

 Contracts to buy previously owned U.S. homes rose 8.2 percent in May, following a revised 11 percent drop in the previous month, the National Association of Realtors said on June 29. A separate report by the Chicago-based group on June 21 showed sales of existing houses, which make up about 96 percent of the market, declined in May to a six-month low.

Home prices fell 4 percent in April from a year earlier, the biggest drop in 17 months for the S&P/Case-Shiller index of values in 20 cities.

An estimated 1.7 million U.S. homes were in the foreclosure process and expected to be put on the market as of April, down 18 percent from the peak, as fewer loans entered delinquency and more distressed homes were sold, CoreLogic Inc. said in a report on June 22.

Shadow Inventory

The so-called shadow inventory represented a five-month supply at the current sales pace, the Santa Ana, California- based real-estate information company reported. The inventory’s size is a barometer of housing-market health because foreclosed homes sell for lower prices and falling values discourage buying, said Sam Khater, CoreLogic’s chief economist.

Donovan said lenders are adding requirements “that don’t make sense” for risky borrowers after the government, through the Federal Housing Administration, raised the minimum down payments for a house purchase.

 “We can’t over correct,” Donovan said. “We can’t go so far in the other direction that we cut off homeownership for people who really can be successful homeowners.”

Encouraging home ownership should avoid giving buyers an expectation of making $1 million overnight, Donovan said. “We can get back to the place where it’s a good investment and we will be able to make money over time.”

Economic News

European Central Bank Raises Rates to 1.5 Percent.

China Raises Interest Rates by 25 Basis Points.

ISM Manufacturing Index Slips to 53.3 in June, Below Estimates.

Factory orders Rise 0.8 percent in May. Slightly Below Expectations.

Friday July 1^st, 2011 3:10 pm ET

By John Sauro

Rates Move Higher As Anticipated

Last week I warned about Gambling away and holding out for a lower rate, when locking into what was available meant guaranteed savings.

Well, the train has left the station, at least for now. Rates moved higher in just a few days. Hopefully, we will see some recovery for a brief period, pushing rates close to where they were. Bonds are down another 25 basis points as I write this.

 In all, the 4 percent Bond has lost 144 basis points this week alone.  The 30 Year Fixed Rate moved higher by .375% to .50%. The Bond fell below the 25-Day and 200-Day Moving Average and now rests above the 100-Day Moving Average.

One reason for the move higher is due to the end of the Fed buying Bonds (QE2) and comments from Dallas Federal Reserve Bank President Richard Fisher who said, It would not be “Unimaginable” for the U.S. economy to grow 4 percent in the second half of this year.  That’s more than twice the tepid 1.8 percent rate seen in the first quarter. 

Inflationary comments like that are the arch enemies of Bonds.

Where is The Bottom?

Many are wondering if the Real Estate market has found a bottom and others wonder if Mortgage Rates have found the same.

I believe that it is possible that the real estate market may have found a bottom.  I say that with great caution, as the one thing that can cause real estate values to drop further is the actions or lack thereof by government officials with regard to over regulating the lending markets. 

With the end of QE 2 upon us, our government will no longer be shoring up the bond market by buying bonds.  This will result in mortgage rates rising as we saw this week.  Once mortgage rates climb by one 1 percent or more, the would be home buyers that have been sitting on the fence will finally make their move, fearful that the train is leaving the station and they will miss out on some of the lowest mortgage rates in history. Theoretically, there should be a rush to buy.  Now, if the congress can repeal some of the over burdening regulations placed on lenders, then lenders will be more willing to lend and maybe we could see the beginning of a recovery in real estate.

Lower Jumbo Loan Amounts

Fannie Mae and Freddie Mac, the private mortgage lending entities under government conservatorship, are set to reduce their maximum conforming loan limit from the current $729,750 to $625,500 on October 1st.

Some lenders have already reduced their loan limits to $625,000.  So if you need a loan amount in excess of the new limit, I suggest you get moving ASAP.

Economic News

Fed’s Massive Stimulus Program Had Little Impact on Economy: Former Chairman Greenspan

The Federal Reserve’s massive stimulus program had little impact on the U.S. economy besides weakening the dollar and helping U.S. exports, Federal Reserve Governor Alan Greenspan told CNBC Thursday.

In a shocking critique of his successor, Fed Chairman Ben Bernanke, Greenspan said the $2 trillion in quantative easing over the past two years had done little to loosen credit and boost the economy.

“There is no evidence that huge inflow of money into the system basically worked,” Greenspan said in a live interview.

“It obviously had some effect on the exchange rate and the exchange rate was a critical issue in export expansion,” he said. “Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1.”

Spring Home Buying Helps Boost Home Prices in April

US single-family home prices fell modestly in April from a year ago, but edged higher from the prior month, pointing to signs of stabilization in the battered housing market at the start of the spring buying season, a closely watched survey said Tuesday.

The S&P/Case-Shiller composite index of 20 metropolitan areas fell 0.1 percent on a seasonally adjusted basis. A Reuters poll of economists had forecast a decline of 0.2 percent. On a non-seasonally adjusted basis, however, the index rose 0.7 percent, its first advance in eight months, the report said.  “The seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home buying season,” David Blitzer, chairman of the index committee at Standard & Poor’s, said in a statement.

Pending Home Sales jump 8.2% May, well above the -0.6% expected.

Consumer confidence slipped 58.5 in June, the lowest since November 2010, according to the Conference Board. Economists polled by Reuters expected a reading of 60.5.

Jobless Claims Fall Less Than Expected, Down 1,000 to 428,000.

  
Saturday June 25th, 2011 6:00 am ET
 
By John Sauro

“Know When to Hold’em – Know When To Fold’em”

That old Kenny Roger’s song says it best. “Know When to Walk Away and Know When to Run”

Mortgage Bonds seem to be trapped between support and resistance, as there were no gains today despite falling stock prices.
Mortgage rates, which move lower when Bond prices move higher, saw no change.  The 4% coupon finished unchanged at 101.25.  The yield on the 10-yr note hit a 2011 low of 2.87%.  For those of you looking to time locking into a low interest rate, my advice is to lock in now.  Rates can move higher a lot faster and a lot more than they can move lower.

Right now rates are near the bottom of their six month range.  So, you may save an extra $29 in the monthly payment if you hold out for .125% better in rate, or it can cost you $149 more in the monthly payment if rates move up by .625% on a $400,000 loan. 
Take a look at Feb 7th to Feb 8th on the chart below.  In that one day the Bond lost 116 Basis Points.  That correlates to an increase of .625% for the 30 year fixed rate mortgage, as mortgage rates move about .125% for every 22 basis point move in the Bond price.
And believe me; banks raise their rates faster than they lower them.

Gamblers look at the odds. Would you gamble $149 to make $29 on a game you don’t fully understand?
I watch this game all day, every day, I’m pretty good at it and I wouldn’t make that bet.
If you’re a gambler, know when to place your bet, but know when to walk out of the casino.
 

Lower Jumbo Loan Amounts

Fannie Mae and Freddie Mac, the private mortgage lending entities under government conservatorship, are set to reduce their maximum conforming loan limit from the current $729,750 to $625,500 on October 1st.
Some lenders have already reduced their loan limits to $625,000.  So if you need a loan amount in excess of the new limit, I suggest you get moving ASAP.
Economic News

This weeks Fed meeting left the Fed Funds Rate unchanged and the Policy Statement was about the same.
Fed Chairman Bernanke acknowledged the slowing economy and revised their 2011 GDP lower to 2.9% from the earlier forecast of 3%.  The Fed acknowledged “frustratingly slow” pace of job growth, stating the unemployment rate will average 9.6% to 8.9% in the 4th quarter of 2011…higher than the previously forecasted 8.4 to 8.7%.

Jobless Claims post a surprise gain, rising 9,000 to 429,000. Estimates called for a decline of 1,000.
Existing Home Sales continued its downward trend for the sixth month in a row in May as weather and financing problems weighed on the market, according to the National Association of Realtors.  Sales of previously owned homes fell 3.8% to a seasonally adjusted annual rate of 4.81 million in May, the lowest since November.

New home sales fell 2% in May after a 6% increase in April.

Friday June 17th, 2011 6:11 pm ET
 
By John Sauro
Mortgage Rates End where they Started in Choppy Bond Trading

The volatility continued this week, mostly due to the problems in the Eurozone. 
The Fannie Mae 4.00% Coupon closed the week at $100.65, which is pretty much where it started the week.  You have reason to celebrate if you locked into a rate back on June 11th.  Don’t worry, it appears that the volatility will continue in the Bond and Stock Markets, which means there may be opportunities for the low rates to be revisited.
For you newcomers, it’s important to understand that Mortgage Rates are controlled by the Fannie Mae Bonds, not the 10 year note, as many misguided individuals will lead you to believe.  When investors buy Fannie Mae Bonds, they drive up the price of the Bond, hence, moving the Bonds interest rate and Mortgage Rates lower and vice versa.
This is important information to have if you are going to try to time the interest rate market.  But don’t try to do it without a professional to help you.  I watch the bond Market all day and this helps me advise my clients when to lock or when not to lock into an interest rate. 
Some will call companies to check rates without know what are the right questions to ask and then think they will be able to lock into a rate the moment they here of one they like.  In fact, you may not be able to lock into a rate if your paperwork isn’t in.
So, its best to get the process started by getting your applications and required documents in. Then you can lock in with a phone call or an email. This enables us to monitor the market and notify you of a great rate that you can lock into, If you are a Home Also, if you are Home Buyer, Get Pre Approved.  Doing so is a great negotiating tool.

Economic News
Housing Starts and Building Permits were both higher than expectations.  Housing Starts rose 3.5% in May to 560,000 on an annualized basis, above the 540,000 that was expected.  Building Permits, a sign of future construction, jumped nearly 9% to 612,000, well above the 548,000 that was anticipated, the highest level this year.  These numbers were a reason to be a bit more optimistic about housing.
Initial Jobless claims fell 16,000 in the latest week to 414,000 but… they remain above that psychological level of 400,000.  Continuing Jobless Claims fell 21,000 to 3.68 Million. This is the tenth straight week that Jobless Claims have remained back above the 400,000 level. 

The Dow and S&P ended higher amid thin, choppy trading Friday to snap a six-week losing streak, helped by news a bailout for Greece may be near. But declines in the tech sector weighed on the Nasdaq.
 Nearly Half of Americans Think New Recession Is Coming: Poll
Bernanke Says Failure to Raise Debt Ceiling Could Result in Severe Market Disruption
Job Creation = Home Price Appreciation