Fundamentals 11/28: New Home Sales. EU OK Now!
New Home Sales (October)
-New home sales 307,000 (annualized)
-Up 1.3% from last month, up 8.9% from October 2010
-About 700k sales indicate a healthy housing market
-Median price of new houses sold in October 2011 was $212,300
-Average sales price was $242,300
-Chart tells the bounce-on-bottom story
Dallas Federal Reserve Manufacturing Survey
The Production Index fell from +4.1 to -5.1. This is the first negative reading in 2 years. This is a monthly survey of manufacturers in Texas regarding their operations in the state conducted by the Dallas Federal Reserve Bank.
The weekly “New Pact to Make Everything in the EU OK” story is out today rallying equities and hurting Treasuries. The problem is that the situation is getting worse and these stories that a solution is near obfuscate reality.