Update: Market Mover Tuesday: Consumer Confidence drops; Case Shiller Index: home prices down 17% y/y; up .04% m/m, first increase in 3 years — CNBC.com

Update: Timmeh tells China we will shrink our budget deficit!! BWAAAAHAA FRAKKIN HAAAAA!!! Suuuuuure we will…

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Geithner, Donovan (HUD) are meeting with the top 25 mortgage servicers in the WH today, let’s hope we get something meaningful from it….if they simply correct the new appraisal code we can get some movement on refis and purchases and mods..

CNBC:

S&P said its index of 10 metropolitan areas rose 0.4 percent in May after a 0.7 percent drop in April, for an 16.8 percent year-over-year drop.

“To put it in perspective, this is the first time we have seen broad increases in home prices in 34 months,” David M. Blitzer, chairman of the index committee at S&P, said in a statement. “This could be an indication that home price declines are finally stabilizing”. The 10 and 20-city indexes reported positive returns for the first time since summer of 2006.

Sales of new homes jumped 11 percent in June, the biggest monthly gain in eight years, the Commerce Department said on Monday, … Existing home sales rose for the third straight month in June, the National Association of Realtors said last week, surpassing forecasts and feeding optimism about the beleaguered housing sector.

Still, caution is warranted as long as the U.S. unemployment rate keeps rising, economists advised. That rate is at its highest in nearly 26 years and is headed to double-digit levels. Signs of stability are far more likely than prospects for near-term recovery in housing, many economists agree. For a rebound, consumer confidence needs to improve, foreclosures need to start falling from their record pace and potential buyers need to have a sense that it won’t be even cheaper to purchase if they keep waiting.

On that note, Consumer Confidence FELL again, see here- The Conference Board, an industry group, said its index of consumer attitudes slid to 46.6 in July from 49.3 in June.

More after the break:

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July 28, 2009. Tags: , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, TARP, Unemployment Statistics, Wall St. 2 comments.

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