CT Peeps Have The Biggest Bank Accounts

Connecticut is among the top three states in the nation whose consumers exceed the national average in their bank savings and checking accounts. From the COMMERCIAL RECORD

Consumers in Connecticut have a reported average of $6,914 in their savings account, according to Troy, N.Y.-based Pitney Bowes Business Insight. The national average is $5,753. New Jersey beat out Connecticut with an average of $7,477 and neighboring Massachusetts ranked third with $6,847.

Nevada ($4,794), New Mexico ($4,515) and Arizona ($4,466) ranked as having the smallest average bank savings accounts in the country.

The national average of dollars for consumers with non-interest bank checking accounts is $2,947, according to Pitney Bowes. Connecticut beat the national average with a state-wide average of $3,811. New Jersey and Massachusetts ranked higher than the Nutmeg State with $4,245 and $3,933, respectively.

Kentucky ($2,265), Arkansas ($2,259) and West Virginia ($2,174) have the smallest non-interest checking accounts in the country.

"Comparing information about checking and savings accounts is just one data layer that can inform the business decisions of our financial services clients," said Bill Simmons, director, business practice leader - financial services, Pitney Bowes Business Insight. "For instance, when combined with comprehensive data about consumer behavior, real estate and demographics, financial institutions can best determine where and how to provide their services to build strong relationships with their customers."

Article, Commercial Record

Amazing Cupcakes

Laurie Noble Design & Realtor Mark Noble with Coldwell Banker just gave me these amazing cupcakes from "take the cake" bakery in Guilford, CT as a thank you gift.  Thank you!  Carolyn

Existing Home Sales

Sales of previously owned homes nationwide rose unexpectedly in January. The National Association of Realtors said sales climbed 2.7 percent month over month to an annual rate of 5.36 million units from a downwardly revised 5.22 million pace.  Compared with January last year, sales were up 5.3 percent. The median home price fell 3.7 percent from a year-ago to $158,800, the lowest since April 2002. Source Commercial Record

Finance Market Note

Mortgage bond prices fell last week pushing mortgage interest rates higher. The Treasury auctions were mixed. The 3YR auction showed weak foreign demand and resulted in a sell off following the results. The 10YR auction was decent and helped keep things in check while the 30YR auction didn’t move the market much. Weekly jobless claims came in at 383k, lower than the expected 410k. That data pressured rates higher.

Coldwell Banker Woodbridge Agent Of The Month

Congratulations to Pat Cardozo!!!  She is Coldwell Banker's Woodbridge Office Agent Of The Month for her production and excellent service in January.  Judy Cooper & Carol Again also topped our list for January.

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Milford Boardwalk

The new boardwalk at Silver Sands is well on it's way to completion. It is going to be such a nice addition to Milford!!!
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Conn. Foreclosure Filing Rate Among Lowest In The Country

The overall number of Connecticut foreclosure filings last month plummeted compared to both December and January, 2010, even as foreclosure levels nationwide remained flat month-to-month and improved only modestly year-over-year.

Money Market News

Market Comment

Mortgage bond prices fell last week pushing mortgage interest rates considerably higher.  We were deluged with mostly better than expected data and strong stocks as the DOW eclipsed the 12,000 mark.  Weekly jobless claims printed at 415K, weaker than the expected 425K.  Revised Q4 productivity came in at 2.6%. Analysts were expecting productivity to rise 2.2%. Productivity is important for a business because it helps keep costs low. Factory orders rose 0.2%, stronger than the expected 0.6% decline.  That data pressured rates higher.  Mortgage bonds ended the week negative by a disappointing 7/8 of a discount point.

The Treasury auctions will factor heavily into trading this week.  If foreign demand falters rates could be adversely affected.

LOOKING AHEAD

Economic Indicator	Release Date & Time	Consensus Estimate	Analysis
Consumer Credit	Monday, Feb. 7, 3:00 pm, et	Up $1.1b	Low importance.  Significant strength may lead to lower mortgage interest rates.
3-year Treasury Note Auction	Tuesday, Feb. 8, 1:15 pm, et	None	Important.  $32 billion of notes will be auctioned.  Strong demand may lead to lower mortgage rates.
10-year Treasury Note Auction	Wednesday, Feb. 9, 1:15 pm, et	None	Important.  $24 billion of notes will be auctioned.  Strong demand may lead to lower mortgage rates.
Weekly Jobless Claims	Thursday, Feb. 10, 8:30 am, et	410k	Important.  An indication of employment.   Higher claims may result in lower rates.
30-year Treasury Bond Auction	Thursday, Feb. 10, 1:15 pm, et	None	Important.  $16 billion of bonds will be auctioned.  Strong demand may lead to lower mortgage rates.
Trade Data	Friday, Feb. 11, 8:30 am, et	$39b deficit	Important.  Affects the value of the dollar.  A falling deficit may strengthen the dollar and lead to lower rates.
U of Michigan Consumer Sentiment	Friday, Feb. 11, 10:00 am, et	74	Important.  An indication of consumers’ willingness to spend.  Weakness may lead to lower mortgage rates.

Auctions

US Treasury bonds do not directly dictate fixed mortgage interest rate pricing however they do have an indirect impact.   Both Treasuries and mortgage bonds often track in the same direction but this is not always the case.  There are many times that Treasuries and mortgage bonds move inversely.

Despite the overwhelming size of the US economy, foreign investors can still have an effect on moving the financial markets.  When foreign economies struggle foreign investors often purchase US based investments including mortgage bonds.  This demand usually causes mortgage bond prices to rise and interest rates to fall.  This flight to quality buying was one of the factors that helped mortgage interest rates remain historically low in years past.

There is a real threat that continued global economic turmoil might keep foreign investors from purchasing mortgage bonds in the future.  The Treasury auctions this week will be important in determining the current appetite of foreign investors for dollar denominated securities.  Demand has been generally good as of late but auctions of different durations often vary in their results.  If this week’s auctions are poorly bid mortgage bond prices could fall pressuring mortgage interest rates higher.  The inverse is also true.  Be cautious heading into the auctions.

Gorgeous!

Shell Ave in Milford
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Stormy Seas

Rough seas at Silver Sands
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New Haven County Median Single Family Home Sale Prices By Town

New Haven County Median Single Family Home Sale Prices By Town