The National Association of Realtors told us sales of previously owned homes increased 2.7% in January, an unexpected increase. Of those sales, 37% were distressed sales and 32% were all cash.
While this is relatively good news, the markets remain focused on the event in North Africa and the Middle East. With the Wall Street Journal reporting Libya is the 10th largest exporter of oil in the OPEC, oil prices continue to rise dramatically as conditions in Libya deteriorate.
Again this morning there is a slight flight to safety in the U.S. Treasury market with mortgage prices higher by approximately .125%.
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