Industry NewsMarkets & Economy

Tax credits hid ongoing real estate slide?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Last week brought a gale of game-changing news, contradicting recovery -- and a whiff of panic. This holiday-short week was news-thin, and mid-July marks the beginning of an often sleepy season for markets and the economy. Panic is sometimes an excellent investment strategy, but it is a difficult frame of mind to maintain. Thus stocks soared 450 points in three days this week, shorts covering, but bond and mortgage yields held extraordinary lows, underlying worry entrenched. The 10-year T-note rose to 3.05 percent from 2.95 percent (mostly pricing down in advance of next week's $69 billion Treasury bond sale), but mortgages stayed put in the mid-4s. The economic data that did arrive confirmed a slipping recovery, but not a double-dip. The Institute for Supply Management service-sector report for June followed last week's pattern: softer than prior month, and well below forecast (May 55.4, forecast 55, actual 53.8). New claims for unemployment insurance came down 21,000 l...