Existing home sales fell modestly in September to 6.18 million units annualized, which is essentially in line with expectations.

"This glass is clearly neither completely full nor entirely empty," said Stephen Stanley from RBS Greenwich Capital.  "The bad news is that home sales continue to decline, with the September level the lowest since January 2004."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.