Friday, May 06, 2011

Misc: Greece, Consumer Credit, Housing Inventory

by Bill McBride on 5/06/2011 03:50:00 PM

A few stories:
• Earlier today there was a rumor that Greece was considering leaving the Euro. This was based on a story in Der Spiegel. Greece has denied the report, from Reuters:

A small group of European finance ministers was meeting on Friday to discuss the euro zone debt crisis, official sources told Reuters ... "The report about Greece leaving the euro zone is untrue," [Greece's Deputy Finance Minister Filippos] Sachinidis told Reuters. "Such reports undermine Greece and the euro and serve market speculation games."

Jean-Claude Juncker, head of the group of euro zone finance ministers, also said the report was wrong. "I totally deny that there is a meeting, these reports are totally wrong," Juncker's spokesman, Guy Schuller, told Reuters by telephone.
• On consumer credit, the Federal Reserve reported:
Consumer credit increased at an annual rate of 3 percent in March, with revolving and nonrevolving credit increasing at a similar rate. In the first quarter, consumer credit also increased at an annual rate of 3 percent.
• On housing inventory from Tom Lawler:
[A]ccording to HousingTracker.net active listings in the week ended May 2nd in the Cape Coral, Jacksonville, Miami, Orlando, and Tampa metro areas were down a combined 20.5% from a year ago. For all of the 54 metro areas tracked by HousingTracker (which combined accounted for listings of about 1.1 million), active listings were down 8.1% from a year ago.
I watch inventory closely, and I just wanted to pass that on.