Daily Commentary by Larry Baer: Trading activity in the mortgage market this morning is sporadic.
Mortgage investors gave news that groundbreaking on U.S. homes fell unexpectedly last month little more than a disinterested glance. The Commerce Department said housing starts slipped 5.8% lower in March - marking the largest percentage decline in this measure of housing market conditions since April of last year. Most of the sharp drop was in the volatile multiple-family housing component which registered a 16.9% month-over-month slump. Starts for single family homes eased 0.2%. Building Permits took a significant amount of the economic "sting" out of the poor housing starts figure by posting a blockbuster 4.5% gain - the highest mark for this measure of housing activity since September 2008. The moral of this story is that housing construction continues to bump along the recessionary bottom - offering nothing that hasn't been priced into your investors' rate sheets for some time.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
