Coming as no surprise to anyone, sales of previously owned homes rose 6% in April, as folks took advantage of the last month of a tax credit offered to home buyers. US stocks are higher on this news and the lack of depressing news from Europe. As for bonds, treasuries are slightly lower from the market close on Tuesday, and mortgage pricing is flat from Tuesday.
Bonds may begin to trade heavy in front of Friday’s payroll data, as prognosticators project in excess of 500,000 US jobs were created in May. Thursday morning we will get a glimpse of the jobs data when ADP, the large payroll processing company, releases their private employment survey.
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