Southall (Raleigh, NC)
By Shawn Dink Densmore
(Coldwell Banker Howard Perry & Walston)
US Stock markets are plummeting this morning after heavy selling took place in Asia overnight and Europe today. The sell-off in Stocks hasn't helped Mortgage Bonds, however, as prices have broken below key levels of support. This is not particularly good for interest rates, but we are hopeful that it is temporary. It probably will be, as a sell off in the stock market is usually good for the bond market (and mortgage interest rates).  Some good news this morning comes in the form of Oil and existing home sales. Oil prices are down $4 to nearly $64 per barrel, despite an announcement that OPEC will cut oil production. And, in the housing market, existing home sales jumped 5.5% last month to a 13-month high.   Shawn Dink Densmore  
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