The Week Ahead: Housing Data, Bernanke Recaps Outlook, Earnings, EU Bank Stress Tests
ByPosted To: MBS Commentary
The events calendar in the week ahead focuses on the health of housing, the Federal Reserve's semi-annual report to Congress, a deluge of earnings, and the release of EU bank stress tests. Key Events This Week: Monday: 10:00 ― The National Association of Home Builder's Housing Market Index , a measure of homebuilder sentiment, jumped three points to its highest level in almost three years at 22 in May, but then fell five points to 17 in June, returning to its February level. Economists attributed the rise and decline to the expiration of the homebuyer tax credit. For July, economists polled by Reuters expect further deterioration to 16. In any event, the index is far from the 50 threshold which indicates optimism among builders. “We forecast that the NAHB index will hold at 17…(read more)