The U.S. housing market continues its struggle with value. This morning the S&P CaseShiller Home Price Index for November reflected more weakness in home prices. The 20 MSA index fell 0.97% month over month in November with the majority of metropolitan areas dropping more than 1.00%. Prices are 1.59% lower in November versus year ago levels.
An economic data bright spot came from the Conference Board, as they reported their index of consumer sentiment increased to 60.6 from 53.3 the prior month.
Recall that today begins the FOMC’s (Federal Reserve) first meeting of 2011, and their rate decision with the accompanying announcement is expected to be announced tomorrow at 2:15 pm ET.
Finally, the U.S. Treasury auctions 2 year notes today, with the results of the auction available at approximately 1:00 PM, ET.
Bond prices are slightly improved from the close on Monday, with mortgage pricing better by slightly less than .125%.
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