Durable goods cam in better than expected, though it may only be due to a temporary bump:
Miller Tabak’s Peter Boockvar notes that “the Govt stimulus package has a depreciation tax credit that expires by year end — so companies have to now use it or lose it. That could have had an impact on order rates but we need more than one month’s data to see by how much.”
The housing data is still discouraging:
US Quarterly Foreclosures by Quarter
chart courtesy of RealtyTrac
The pain, though still concentrated is spreading across the country:
“Forty-eight of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter,” said RealtyTrac CEO James J. Saccacio in the press release announcing the Q2 report.
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