This doesn't make any sense--home values are appreciating (again), and according to Case-Shiller, home values are up for a third straight month. Of the 20 cities profiled, 18 are up (only Seattle and Las Vegas) were down. The hottest city is Minneapolis (+3.1%), and even Phoenix jumped 1.8%--but everyone is down in the dumps.
Consumer Confidence came in weak, for lack of a better word. Even with the markets roaring, the return of football, and a non-hurricane season, people are still nervous.
What gives?? Well, it's jobs, baby! Unless the Olympics in Chicago are going to employ 10 million people, I would suggest O'B skip the trip to Copenhagen and craft a strategy to create some jobs in America! That's why people are nervous!!
The housing number is nice, but Friday's employment report will have all of us on the edge of our seats.
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.