MBS prices held in a range today. September Existing Home Sales jumped 9% from August, far exceeding the consensus, to the highest level since July 2007. Inventories of unsold existing homes dropped sharply to a 7.8-month supply from a 9.3-month supply in August. This marked the lowest inventory levels in two and one-half years. According to the NAR, 45% of home sales in 2009 were by first-time homebuyers. For the week, MBS prices fell about -4/32.
This week will be packed with important economic data. The most highly anticipated will be Thursday's release of third quarter Gross Domestic Product (GDP), the broadest measure of economic activity. Durable Orders, another major indicator of economic activity, will come out on Tuesday. The New Home Sales report is scheduled for Wednesday. Chicago PMI, Personal Income, and Core PCE inflation will be released on Friday. Consumer Confidence and Consumer Sentiment will round out the busy week. In addition, the Treasury will auction a record $116 billion in 2-yr, 5-yr, and 7-yr securities on Tuesday, Wednesday, and Thursday.
Thanks to Landover's Jim Tolas for this information
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