Data Flash: July Existing Home Sales -27.2%. Much Worse than Expected

10:00 RTRS-US JULY EXISTING HOME SALES 3.83 MLN UNIT ANNUAL RATE (CONS 4.70 MLN) VS JUNE 5.26 MLN (PRV 5.37)-NAR
10:00 RTRS-US JULY EXISTING HOME SALES RECORD -27.2 PCT (CONS -12.0 PCT) VS JUNE -7.1 PCT (PREV -5.1 PCT)-NAR
10:00 RTRS-US JULY INVENTORY OF HOMES FOR SALE +2.5 PCT TO 3.984 MLN UNITS, 12.5 MONTHS' SUPPLY-NAR
10:00 RTRS-US JULY NATIONAL MEDIAN PRICE FOR EXISTING HOMES $182,600, +0.7 PCT FROM JULY 2009-NAR
10:00 RTRS-US JULY EXISTING HOME SALES LEVEL LOWEST SINCE MAY 1995, MONTHS SUPPLY LARGEST SINCE AT LEAST 1999--NAR
10:00 RTRS-TABLE-U.S. July existing home sales fell 27.2 pct

After the data flashed....

S&P 500 stock futures fell another point while benchmark Treasuries and rate sheet influential MBS coupons extended overnight price gains. The yield curve is bull flattening. Swap spreads are wider. Volatility is up. MBS yield spreads are gapping out vs. the curve.

S&P futures are -11.00 at 1050.50

The 2.625% coupon bearing 10-year TSY note is +1-02 at 101-09 yielding 2.481% (-11.7bps)...

The October delivery FNCL 4.0 is +0-09 at 102-19. The FNCL 4.5 is +0+03 at 104-04.

Waiting for profit taking...