Bonds opened positively after the 8 am release of the Case-Shiller 20 city home price index showed home prices dropped 2% in the 3rd Qtr and on a year over year basis are up by only .6%.  Analysts had expected the year over year index to be up 1.4%.  Mortgage-backed securities (MBS) are giving up much of their gains though after the 8:45 am release of the Chicago Purchasing Manager's Index which came in at 62.5 which was better than the 60.2 expected and the 9 am release of the Conference Board's Consumer Confidence Index which came in at 54.1 vs expectations for a 52.9 value.  It is possible we could see revised rate sheets midday if the MBS move further towards breakeven.