Stock Market Rallies Almost 500 Points….

March 23, 2009 by Scott Smolen · Leave a Comment
Filed under: Scott 

The stock market took off today based on some good news from the housing sector and the government’s bank plan to take bad debt of the banks’ books.  February Existing Home Sales rose 5% to 4.72 million annual units, above the consensus forecast of 4.45 million annual units. Inventories of unsold homes were at a 9.7-month supply, about the same as last month. 45% of the home sales were foreclosures or other distressed properties.  The DOW showed the largest single percentage gain today since October 2008.  Many analysts now believe that we may have hit bottom and are in for a rally.  Hopefully this will help regain some of the lost wealth and increase consumer confidence across the board.

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  • Scott Says...

    Where FHA backed less than 3 percent of all new mortgages in 2006, its share of the business has ballooned to nearly one-quarter of the mortgage market. In August, mortgages from the FHA and the Veterans Administration (for qualified veterans) backed 40 percent of loans for all home sales.

    • Ed Says...

      Forget about the Mayan Calendar 2012 doomsday! Some mobile users are seeing the year 2016 on messages delivered in 2010. The Mayans had December 21, 2012 as 13.0.0.0.0 in the Long Count. Is the 2016 bug a result of bad string parsing? Poor binary to BCD conversion? The plot thickens...[via WMExperts]