The Daily Difference: Market Update December 30, 2013
Housing: The pending home sales index was released this morning: 0.2% growth vs. the consensus 1.5%. This miss shouldn’t affect the markets much: the range was wide (-0.9% to 4.9%) and a positive number should suffice after two negative months. The S&P Case-Shiller Home Price Index will be released tomorrow; likely, it will show growth again (projected to be 1%) after months of positive gains in the 1% range. Many point to the increase in prices, coupled with rising mortgage rates, as catalysts for the slowdown in pending home sales. Interestingly, the home price increases have been all inclusive, with Charlotte NC as the worst performer (still up 0.4% last month). Later this week:
- Tuesday: Consumer Confidence
- Thursday: ISM Manufacturing Index and Jobless Claims
Have a great New Year!! Look for a Thursday “Special Edition” to start out the year.