Early this morning the yield on the benchmark 10-year Treasury fell to 3.17% and oil tumbled $4 a barrel. If these two economic ‘events’ don’t spur home buying (and maybe more refinancings) then nothing will. Of course, many consumers still think that values haven’t bottomed and there’s more room to fall. We shall see. We keep hearing reports that the ‘low end’ in California (anything under $500,000) has firmed up nicely with multiple bids returning to certain markets. Meanwhile, if mortgage applications begin to gather steam once more, lenders that have been shedding workers may want to halt such maneuvers until the smoke clears…
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