Morning Market Report 6/16/2015

The KUIK Morning Market Report for Tuesday, June 16:
Markets are down.
Index Direction Change Units Time Change
Dow Up                       51  points           17,844 6:53 AM
S&P500 Up 0.14% percent            2,087             2.97
Nasdaq Composite Up 0.03% percent            5,031             1.29
30 Year Treasury Down                        (1) Basis Points              3.08 Annual Yield
Construction starts on new U.S. homes fell 11.1% to 1.04 million annually in May, down from a surge in April, which saw the fastest starts pace since late 2007, according to the Commerce Department. Starts for single-family homes fell 5.4% to an annual rate of 680,000, while starts for apartment fell 18.5% to 349,000. Economists expected an overall May starts rate of 1.08 million.The average starts rate was about 1.5 million over the 20 years leading up to the housing bubble’s 2006 peak.
Corelogic reports 254,000 properties regained equity in the first quarter. The total number of mortgaged residential properties that have negative equity is now at 5.1 million, or 10.2% of all mortgaged properties, down from 10.8% in the fourth quarter and 12.9% in the first quarter of 2014. Negative equity occurs when borrowers more on their mortgages than their homes are worth. The national aggregate value of negative equity was $337.4 billion at the end of the first quarter.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
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