Salient to Investors:

John Silvia at Wells Fargo Securities said the economy has legs, many people are much more confident, the housing pick up is sustainable. Ken Goldstein at the Conference Board said the underlying economy remains relatively sound but sluggish – the biggest positive factor is housing.

The median price of an existing home rose 12.3 percent from January 2012, the biggest 12-month increase since November 2005. At the current sales pace of  previously owned homes, it would take 4.2 months to sell those listed, the fewest since April 2005.

Lawrence Yun at NAR said inventory has increasingly become the story of the housing market – only homebuilders can truly relieve the inventory shortage.

The Mortgage Bankers Association said home loans that were more than 90 days behind in payments or in the foreclosure process fell to the lowest level since 2008.

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