(Reuters) - Single-family home prices fell more than expected in October, according to data on Tuesday that underscored the challenges facing the housing market.
OMER ESINER, CHIEF MARKET STRATEGIST, COMMONWEALTH FOREIGN EXCHANGE, WASHINGTON
“In light of the more positive housing numbers we’ve seen in the last week or so, this might be a bit of a disappointment. But again, this is an October number, so I’m not sure it will have that much influence on trading right now.”
PAUL RADEKE, VICE PRESIDENT, KDV WEALTH MANAGEMENT, MINNEAPOLIS, MINNESOTA: “There’s no surprise in the data, but when we start to see home prices trend in a positive direction, that will be an area of the market that people could take some leadership from. It’s an area where we know there’s weakness. This is probably the biggest piece (of the market) that will affect consumer confidence. When home prices at least flatten, that will create some risk-on trading. Right now there’s no trend.”
GENNADIY GOLDBERG, INTEREST-RATE STRATEGIST, 4CAST, INC., NEW YORK: “We aren’t seeing much of a reaction (in Treasuries) to Case-Shiller. It’s usually a pretty unimportant number and today there’s nobody around to trade it. The number’s been fairly the same, we’ve seen a mild, mild improvement but nothing big enough to be called a recovery.”