Mortgage Commentary February 23, 2012

Canadian 4^th quarter corporate operating profits put in a good performance, up 9.0% over Q3. $71.4 billion is the highest level since the economic downturn in 2008, with 15 of 22 industries reporting higher profits.

Canadian weekly wages were up in December topping $888.00 for an 0.7% increase over November and 2.4% increase Y/Y. There was, however, a reduction in the number of hours worked, 32.8 down from 33.0 in December 2010.

In the U.S., the Federal Housing Finance Agency’s House Price Index shows a seasonally adjusted drop of 0.7% from November to December. For Q4 the seasonally adjusted decline was 0.1%.

And, as Greece continues to simmer, a poll of 7,000 executives in Germany shows their confidence is up. The Ifo's Business Climate Index climbed to 109.6 for February, up from 108.3 in January, despite predictions Europe will slip into a mild recession this year.