Instant view: Home prices flat in August: S&P

COMMENTS:

DAVID SLOAN, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON REUTERS

"There does not appear to be much prospect of a significant near term revival in house prices, though in the NAHB homebuilders' index for October there is a tentative signal that sales are starting to improve in response to low mortgage rates. Both the Fed and Obama administration appreciate the importance of housing for the economy and are doing what they can, but their ability to stimulate a sector that is still working off past excesses remains modest."

TODD SCHOENBERGER, MANAGING DIRECTOR AT LANDCOLT TRADING IN WILMINGTON, DELAWARE

"There's no way this is good news. We're stepping over dollars to pick up nickels when it comes to housing. We see these values, and there's nothing here. It just reaffirms what we've already known: we're in a 21st century depression for housing.

"Today is all about Europe. Earnings are secondary, but 3M especially caught us off guard. We had been doing well in futures before that. What we're going to see is further lower volume, don't expect a lot of trading. It's all about what's going to happen tomorrow after the summit. Macro data is not important at this time."

MARKET REACTION:

STOCKS: U.S. stock index futures hold losses.

BONDS: U.S. bond prices hold slight gains.

FOREX: The dollar remains higher against the euro.