The National Association of Realtors pending existing home sales index rose 3.5% in November. That is the highest level since June. Existing inventory has decreased every month on an annual basis for 29 consecutive months, and the number of homes for sale at the end of October was the lowest for the month since 1999.

The former CEO and CFO of the Bank of Oswego were convicted of a conspiracy to conceal the bank's bad financial condition. A jury found them guilty of 12 counts of making false entries in the bank's books to hide bad loans. (PBJ)

The Municipal Bond Index is down 0.3% over the past month, while the high-quality U.S. Aggregate Bond Index has gained 0.5%. The main reason for the divergence in these two indexes is the ongoing tax reform debate. Language in the House tax reform proposal would remove tax exemption from private activity, tax credit, and advance refunding bonds that are issued after December 31, 2017.  This has led issuers to push to get new offerings in ahead of the December 31 deadline, which will likely lead to a increased supply through year end, which has put pressure on prices. (LPL)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.