Daily Market Update 11/24/08

Mortgage rates were little changed Monday while Treasury rates moved higher. Stock markets have reacted favorably to the selection of several key positions within President-elect Obama’s economic team, among them Timothy Geithner as Treasury Secretary, Lawrence Summers to head the National Economic Council, and Bill Richardson as Commerce Secretary. The government announced plans yesterday to guarantee $306 billion of troubled assets held by Citigroup, one of the world’s largest financial institutions. The National Association of Realtors reported sales of existing homes fell 3.1% last month, more than expected. The median price fell 11.3% from the same period last year reflecting a large number of foreclosures and distressed sales. Key economic reports due out this week include tomorrow’s release of revised third quarter GDP figures and Wednesday’s Durable Goods Orders.

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