Daily Financial News - Mortgage | Real Estate | Stock Market

Stocks at new 2010 lows - CNNMoney.com -- Stocks slipped Thursday, but managed to trim bigger losses, after worse-than-expected readings on manufacturing, housing and the labor market fueled fears that the economy is heading for another recession.

The Dow Jones industrial average lost 41 points, or 0.4%, for its lowest close since Oct. 30. The Nasdaq composite lost 8 points, or 0.4%, closing at its lowest point since Nov. 4. The S&P 500 lost 3 points, or 0.3%, closing at its lowest point since Oct. 2.

Treasurys give up gains - CNNMoney.com -- Treasurys turned lower in late afternoon trading Thursday, after they had posted gains earlier the day on three disappointing economic reports.

What prices are doing: The price of the 10-year note ended the day 4/32 lower, at 104-23/32 with a 2.95% yield. Meanwhile, the 30-year bond was flat at 108-18/32 and a 3.89% yield. The 2-year note hovered around 100, with a yield of 0.64% and the 5-year note slipped 5/32 to 100-11/32 with a 1.81% yield. Bond prices and yields move in opposite directions.

Pending home sales 'fell off a cliff' - The experts expected home sales to drop once the homebuyer tax credit lapsed at the end of April, but the depth of the decrease was shocking.

According to the National Association of Realtors (NAR), pending home sales fell a whopping 30% in May. Their index, which measures signed sales contracts but not closed sales, plunged to 77.6 from 110.9 in April. It's even off 15.9% from a year ago when the nation was barely emerging from the recession. 

"The pending home sales report is a disaster," said Mike Larson, a real estate analyst for Weiss Research. "Sales fell off a cliff after the tax credit expired. It's the biggest monthly decline ever and the index is at its lowest level since NAR began tracking it in 2001."

Lawrence Yun, NAR's chief economist downplayed the damage a bit. According to him, customers rushed into deals to claim the credit, borrowing from May sales. Once the economic recovery comes into full swing, housing markets will heat up.