Tuesday, March 26, 2013

Wednesday: Pending Home Sales

by Calculated Risk on 3/26/2013 09:32:00 PM

The WSJ has an estimate of the losses for uninsured depositors in Cyprus: Cyprus Sets Bank Revamp Amid Protests

We are in no position to give you the exact amount this moment," [Central banker Panicos Demetriades] told reporters, referring to the amount that will be taken from large deposits at Bank of Cyprus, but he added "it's about 40%."

Based on estimates from government officials, the losses would affect some 19,000 deposit-holders at the Bank of Cyprus who, combined, hold some €8.01 billion ($10.30 billion) in uninsured deposits. Uninsured savers at Cyprus Popular Bank, who hold a combined €3.2 billion, will lose most of that.

"Realistically, very little will be returned," Finance Minister Michalis Sarris said in the interview broadcast on state television. "The amount [returned], could be 20%. Certainly, for depositors above €100,000 it could be a very significant blow," he said.
Wednesday economic releases:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 10:00 AM, Pending Home Sales Index for February. The consensus is for a 0.7% decrease in this index.

Case-Shiller: Comp 20 House Prices increased 8.1% year-over-year in January
Real House Prices, Price-to-Rent Ratio, City Prices relative to 2000
New Home Sales at 411,000 SAAR in February
A few comments on New Home Sales