Last Week; interest rates increased on treasuries but remained unchanged for the mortgage markets The stock market rallied, defying those that continue to expect a big decline. Equity markets had a small retracement two weeks ago but it only lasted a few days and took the DJIA down 6.0% from its recent high last year. [...]

Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors® Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate  of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 [...]

Last Week; wasn’t a good one for the economic bulls, and particularly those that think the housing markets are making a turn. Jan existing home sales were expected to have increased about 1.0%, they tanked to a decline of 7.7% with the inventory of unsold homes increasing to 7.8 month from 7.2 months in Dec. New [...]