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Homeowners underwater on their mortgages received positive news today as the recent gains in home prices have lifted 2.5 million residential properties into positive equity in the 2nd quarter of 2013. However, CoreLogic reports that 7.1 million residential properties still have negative equity and as home price appreciation moderates in the 2nd half, the pace of improvement will likely slow. Negative equity means that a borrower owes more on a home than it is worth.
The Syrian crisis has somewhat abated today as the White House tells lawmakers diplomacy is priority on Syria. The news has shifted investing dollars out of the safe haven of the Bond markets and back into more riskier assets, such as Stocks. Oil prices are also declining on the news.
In corporate news, McDonald’s reported this morning that revenues rose in August, driven by a surge in sales in its European division. In addition, the International Council of Shopping Centers reported that U.S. chain store sales rose 2.3% year on year for the week ended on September 7.