Industry News
Mortgage Industry News
VITEK Mortgage Group is dedicated to providing you the resources needed to be better educated.
We understand that if you are in the market for a home loan, you may wish to be more informed on what is going on in our industry. Below you will find all of the latest news on what is happening in the world of real estate and mortgages.
Today's Market Color
03/09/2010
Bonds are rallying on a light day for economic data as stocks are setting up to trade lower following a slew of missed earnings. Right now, the futures market is pricing in a 91% chance that the Fed keeps rates somewhere between 0% and .25% through June 23rd, 2010.Today's Market Color
03/08/2010
Both Greece and Dubai look to be closer to resolving, at least temporarily, their deficit issues. French president Sarkozy said that the euro region is ready to help out if Greece struggles in funding its deficit; Dubai World will present a plan to renegotiate $26B in debt this month. Stocks and commodities are up; bonds are off.Unemployment Rate Falls
03/05/2010
Nonfarm payrolls printed better than expectations, -36K vs. -68K consensus. The unemployment rate fell to 9.7%. The U6, which includes part-time workers who can't find full-time employment and people who have stopped looking for a job, climbed from 16.5% to 16.8%.Jobless Claims Drop
03/04/2010
Both initial and continuing jobless claims posted week-over-week drops; consensus for Nonfarm payrolls tomorrow is -65K. Greece began selling 5B euros of 10yr debt today after promising to reduce Europe's largest budget deficit, which included wage cuts that has prompted more protests.Mortgage Applications Jump
03/03/2010
ADP printed in-line with expectations with a sizable downward revision to January; MBA mortgage applications jumped by 14.6%. Greek bonds are rallying after Greece announced a 4.8B euro budget cut. Consensus for Nonfarm payrolls on Friday is -58K.Today's Market Color
03/02/2010
The market is sitting lower in very quiet trade while the 10-yr trips around the 3.625% area while the curve gets twisted steeper.Personal Income Growth
03/01/2010
Personal income grew at a slower pace in January; personal spending accelerated. HSBC missed full-year net income estimates due to the costs of bad loans on their balance sheet.Today's Market Color
02/26/2010
GDP for the 4th quarter was revised up from 5.7% to 5.9%. Treasuries are holding their elevated levels on the continued threat that Greece will default on its debt.Today's Market Color
02/25/2010
Initial and continuing jobless claims printed worse than expectations; durable goods orders printed better than consensus due to airplane purchases. Bonds are up; equity futures and commodities are down. There is a $32B 7yr note auction today.Mortgage Applications Drop
02/24/2010
Bonds are trading lower this morning ahead of today's Treasury Auction of $42B 5yr notes. The Mortgage Banker's Association reported that mortgage applications dropped 8.5% to the lowest level since 1997.Today's Market Color
02/23/2010
After Lowe's posted better-than-expected earnings yesterday, Home Depot beat 4Q expectations and raised the dividend for the first time since 2006. The Treasury is auctioning off $44B in 2yr notes today, $42B in 5yr notes tomorrow, and $32B in 7yr notes on Thursday.Today's Market Color
02/22/2010
Lowe's, the second largest home-improvement retailer, announced 4Q earnings that beat expectations. There is still no resolution on the Greece bailout. The Treasury has $126B to auction this week: $8B in 30yr TIPS today, $44B in 2yr notes tomorrow, $42B in 5yr notes on Wednesday, and $32B in 7yr notes on Thursday.Fed Raises Discount Rate
02/19/2010
The Fed unexpectedly raised the Discount Rate by 25bps yesterday afternoon to 0.75%. After PPI printed higher than expectations yesterday, CPI this morning showed less inflation than consensus estimates. The Treasury announced the auctions for next week: $8B in 30yr TIPS, $44B in 2yr notes, $42B in 5yr notes, and $32B in 7yr notes.30% Gain in REO Inventories Slows January Sales
02/19/2010
TRENDGRAPHIX’s latest report shows that closed sales decreased 31 percent during the month of January for the Tri-County region of Sacramento, Placer and El Dorado Counties; while REO inventory increased by 30%.Producer Prices Print Higher
02/18/2010
Producer prices printed higher than expectations; initial and continuing claims were worse than consensus. The combination of the two numbers has pushed equity futures down and bonds slightly up. In yesterday's FOMC minutes, the Fed discussed starting sales of assets in the "near future", which sent treasuries sharply lower.Today's Market Color
02/17/2010
Mortgage applications were off 2.1% overall last week with rates little changed - purchases were off 4.0% while refinances fell 1.2%.US Retail Sales Jump
02/16/2010
US Retail Sales jumped more than expected, the third gain in four months. China increased reserve requirements for the second time in a month as loan growth continued to accelerate. After Fannie and Freddie announced that they will be buying delinquent loans, spreads between FN and FG MBS and the 10yr treasury bond are the tightest levels in 17 years.Today's Market Color
02/16/2010
According to Greece Finance Minister George Papaconstantinou, "there's no actual need" for a bailout and Greece is ahead of its own deficit-reducing targets. European finance ministers will review the progress on March 16th. Empire Manufacturing increased more than expected.Jobless Claims Drop Sharply
02/11/2010
Initial and continuing jobless claims dropped sharply week-over-week. Euro-region leaders demanded that Greece get the bloc's highest budget deficit under control and said they are prepared to take "determined" action to stem the currency's worst crisis in its 11 year history. There is a $16B 30yr bond auction today.Today's Marketing Color
02/10/2010
The Greece bailout has still not been resolved. Currently, Germany is the front-runner to help Greece roll their debt forward with some sort of debt guaranty. There is a $25B 10yr note auction today. Stock futures and commodities are down; bonds are up.Stocks Are Up
02/09/2010
UBS announced 4th quarter net income of 1.21B francs, the first profitable quarter since 3Q of 2008, even as wealthy clients continued to withdraw funds at an accelerated rate. There is a $40B 3yr note auction today. Stock futures and commodities are up; bonds are down.Today's Market Color
02/08/2010
Treasuries continue to catch a bid in a flight to quality on concern over the deficits in Greece, Portugal and Spain. The Treasury will auction $81B in notes and bonds this week.Unemployment Rate Drops
02/05/2010
Nonfarm payrolls printed worse than expectations at -20K; the unemployment rate dropped to 9.7%; U6 (includes people who are no longer looking for work and part-time workers who cannot find full-time employment) dropped from 17.3% to 16.5%. Stocks and bonds are mixed.Today's Market Color
02/04/2010
Bonds are trading higher this morning on concerns over budget deficits in Europe. Initial Jobless claims unexpectedly jumped to 480K, versus the 455K expected by most analysts, adding fuel to the rally.MBA Applications At Six Week High
02/03/2010
ADP printed at a less-than-expected -22K, the smallest drop in two years. With government hires in January, NFP is forecasted to show positive job growth of 13K. MBA mortgage applications came in at the highest level in six weeks due to refinancings with the lower rates.Today's Market Color
02/02/2010
The Australian central bank unexpectedly left rates unchanged at 3.75%, causing equities and commodities to rally. There is a good amount of labor data due out later this week: ADP is projected to print at -30K tomorrow; Initial and continuing claims on Thursday; and consensus for Nonfarm Payrolls is at a positive 5K on Friday.Consumer Spending Increases
02/01/2010
Consumer spending increased for the third straight month, although less than expected, in another sign that the economy may be turning; personal income jumped by 0.4%. President Obama announced his $3.8T budget for 2011, which would give an estimated $1.6T deficit; the budget includes $800B in higher taxes and fees on those earning more than $250,000, banks that benefited from the financial industry bailout and the oil, gas and coal industries. Treasuries are down on the announcement.Ben Bernanke Wins Second Term
01/29/2010
4th quarter GDP printed much higher than expectations, 5.7%-the fastest pace in six years, due largely to inventory build-ups. Bonds are down; stocks and commodities are rallying. Ben Bernanke officially won his Senate approval for a second term as Fed chairman yesterday.Today's Market Color
01/28/2010
Yesterday, the Fed expectedly left rates unchanged, but remained firm that they will end the $1.25T MBS purchase program at the end of March, which pushed yields higher. This morning, initial jobless claims posted a week-over-week drop; durable goods orders jumped more than forecast. There is a $32B 7yr note auction today.Today's Market Color
01/27/2010
Despite lower rates, MBA mortgage applications dropped 10.9% last week. The FOMC decision is due out at 2:15 this afternoon and there is speculation that the Fed may hold firm to the March ending of the $1.25T mortgage-backed securities purchase program. There is a $42B 5yr note auction today.Credit Tightens in China
01/26/2010
Credit continues to tighten in China as The Bank of China has stopped extending new corporate loans in the Shanghai area. They will also screen personal loans and mortgages more closely. Stocks and commodities are down; bonds are rallying slightly. There is a $44B 2yr note auction today.Bank-Owned Inventories on the Rise
01/26/2010
After a full year of numerous government moratoriums on foreclosures, we ended 2009 seeing a 22% increase in the number of foreclosed homes entering the market in December; and we expect at least a 15% increase in foreclosed homes on the market in 2010.Stock Futures Rise
01/25/2010
Bonds are trading lower this morning with Existing Home Sales data scheduled for release at 10:00 EST. Stock Futures are higher following last week's sell off, adding to pressure on Treasuries.Today's Market Color
01/22/2010
Bonds are trading slightly lower with no economic data scheduled for release today.Today's Market Color
01/21/2010
Bonds are trading lower despite this morning's report that showed initial jobless claims rose by 36,000 to 482,000, a larger increase than most analysts expected. Continuing claims came in right in line with analysts expectations at 4.6M.Wholesale Prices Unchanged
01/20/2010
Bonds are rallying following this morning's core PPI release that showed wholesale prices were unchanged in December, versus the 0.1% increase expected by most analysts.Kraft to Purchase Cadbury
01/19/2010
Bonds are trading lower this morning on a relatively light day for economic data. Citigroup posted a 4th quarter loss of $7.6B after booking an $8B pretax charge for repaying $20B in bailout funds, and after four months of negotiations, Kraft agreed to purchase English chocolate maker Cadbury for $19.7B.Today's Market Color
01/15/2010
Bonds are trading higher following this morning's CPI release which showed that consumer prices increased 0.1% in December, less than the consensus estimate of 0.2%.Today's Market Color
01/14/2010
Bonds are rallying this morning following weaker than expected retail sales data. Initial claims came in near expectations. Right now, the futures market is pricing in aPurchase Applications Jump
01/13/2010
Bonds are trading lower this morning on a relatively light day for economic data. MBA Purchase Applications jumped from 0.5% to 14.3% week over week and the Fed's Beige book is scheduled for release at 2:00 EST.Recoup Losses From Tarp Program
01/12/2010
China ordered banks to set aside more in reserves to curb any kind of asset bubble that may be forming; stocks are down, bonds are rallying. President Obama plans to raise as much as $120B by imposing a fee on financial institutions to help recoup the losses from the TARP program. Details of the fee are not known yet, but it may include one or a combination of an income surtax, an excise tax or a fee pegged to the value of assets.Stocks and Commodities Pushed Up
01/11/2010
China's imports rose to a record, pushing stocks and commodities up. China has surpassed the US as the world's largest automaker, with sales jumping 46% in 2009. There are no scheduled data releases today.Today's Market Color
01/08/2010
Nonfarm Payrolls printed at a worse than expected -85K; last month's number was revised up to a positive 4K; the unemployment rate remained constant at 10%. Stock futures are down; bonds are rallying.Retailer Earnings Strong
01/07/2010
Continuing claims dropped significantly week-over-week from 4.98MM to 4.8MM; consensus for tomorrow's Nonfarm Payrolls is no change. Earnings at Sears and a few other retailers were stronger than expectations. In yesterday's release of the Fed minutes, officials said that more stimulus "might become desirable at some point".Mortgage Applications Up
01/06/2010
ADP printed slightly worse than expectations, but was much stronger than last month's number; ADP has overshot the Labor Department's estimate for job losses by an average of 85K over the last 6 months. Consensus for Friday's Nonfarm Payrolls is no change. Mortgage applications were up slightly week over week, 0.5%.US Manufacturing Strong
01/05/2010
Yesterday, US manufacturing showed the strongest expansion in over three years; factory orders are due out later this morning. After selling off in December (10yr rate jumped 64bps), the 10yr note has caught a bid in the first few trading days of the month on speculation that the Fed will leave rates low for an extended period of time.Today's Market Color
01/04/2010
China's manufacturing grew at the fastest pace in more than five years; US manufacturing numbers are due out later this morning. Stock futures and commodities are up.Jobless Claims Strong
12/31/2009
Initial and continuing jobless claims printed much stronger than expectations, the lowest levels since July 2008. Stock futures and commodities are up; bonds are down.Today's Marketing Color
12/30/2009
Stocks, commodities and US equity futures are down in early trading; bonds are up. After the average 2yr and 5yr note auctions the last two days, the Treasury will auction $32B in 7yr notes today.Stocks Rallying
12/29/2009
Commodities and stocks are rallying on sentiment that the economic expansion will continue into 2010. After a mediocre 2yr note auction yesterday, the Treasury will auction $42B in 5yr notes today with yields at their highest point since August.US Stock Futures Are Up
12/28/2009
China's economy grew faster than previously announced, which has pushed global equities and US stock futures up; bonds are down. The Treasury will be auctioning $118B in debt this week, starting with $44B of 2yr notes today.Spending Increases Through 2010?
12/24/2009
Durable Goods Orders printed higher than expectations, showing that spending and production increases will likely sustain into 2010. The $871B Health Care Bill passed its last Senate Vote, 60-39. Now the Senate bill will have to be reconciled with the House version.Spending Increases Sixth Time
12/23/2009
Personal spending increased for the sixth time in seven months due to holiday discounts; personal income increased by the largest percentage since May. Stock futures and commodities are up off of this data; the Ten Year Yield is near a four-month high ahead of next week's auction supply announcement.Today's Marketing Color
12/22/2009
In the final reading for 3Q GDP, the US economy posted a 2.2% gain, less than previously reported. Greece's credit rating was downgraded only one level by Moody's, causing the debt to rally as a steeper dowgrade was expected; European equities and US stock futures are up.Health-Care Bill Passes Crucial Vote
12/21/2009
The US Senate passed a crucial test vote for the new Health-Care Bill, as all 60 Democrats voted to curtail debate from Republicans on the $871B measure, and aim to pass the legislation before Christmas. Stocks and commodities are up this morning as investors remain confident that the economic recovery will keep accelerating; bonds are down.Stocks Rally
12/18/2009
German business confidence printed at a 17-month high, causing European equities and US stock futures to rally; bonds are lower. PIMCO's Bill Gross has cut government debt holdings and increased cash his cash position to the most in a year, signaling that PIMCO may see rates on the long end of the curve starting to rise.Today's Marketing Color
12/17/2009
Initial and Continuing jobless claims printed slightly worse than expectations; teasuries are rallying and stock futures are pointing down. In order to pay back government funds, Citi raised $17B by selling 5.4B shares at $3.15/share, $0.10 below where the US government bought their stake.Building Permits Highest In Year
12/16/2009
CPI printed in line with expectations; ex-food and energy posted no change month-over-month, showing that inflation is still in check with the Fed scheduled to announce their rate decision at 2:15 this afternoon.Today's Marketing Color
12/15/2009
Bonds are trading lower this morning as PPI printed 1.8% vs. a concensus estimate of 0.8%. Core PPI also came in stronger than expected at 0.5% vs a concensus of 0.2%. Right now, the futures market is pricing in a 91.6% chance that the Fed keeps rates somewhere betweenToday's Marketing Color
12/14/2009
Bonds are relatively unchanged this morning with no economic data scheduled for release today. Over the weekend, Abu Dhabi announced that they would provide $10B to troubled neighbor Dubai, and this morning CitiGroup announced that they have struck a deal with regulatorsREO Market Steps Down as Sales Leader
12/12/2009
A shift in the market has occurred in the Sacramento region, putting traditional sales (non-distressed properties) in the lead for units sold over REO and short-sale properties. Out of the 1,995 total sales in the 4 county region in NovemberRetail Sales Strong
12/11/2009
Bonds are trading lower this morning as Retail Sales came in stronger than expected at 1.3% vs a consensus estimate of 0.6%. Right now, the futures market is pricing in an 93.5% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.Jobless Claims Below 500K
12/10/2009
Initial Jobless Claims again printed below the 500K level. The less volatile 4-week rolling average is at a one-year low, 473,750. French President Nicolas Sarkozy is considering a one-time tax on banker bonuses over 27K euros for 2009; the rate has not yet been determined.Today's Marketing Color
12/09/2009
Bonds are down slightly this morning on a light day for economic data. Treasury Secretary Geithner is said to be seeking a $700 Billion TARP extension through October 2010. Right now, the futures market is pricing in an 92.7% chance that the Fed keeps rates somewhereDollar Continues To Strengthen
12/08/2009
Treasuries and the dollar continued to show strength, while stocks, gold and oil fell on continued concern of government deficits. Right now, the futures market is pricing in a 93% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.Dollar On The Rise?
12/07/2009
The dollar rose to its highest level in a month against the euro as investors question whether central banks will increase rates in the near term. Right now, the futures market is pricing in an 80% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010.Stock Futures Are Up
12/04/2009
Nonfarm payrolls printed much better than expectations, -11K vs. -125K concensus; the unemployment rate dropped to 10.0% from 10.2%. Bonds and commodities are down; stock futures and the dollar are up.Jobless Claims Drop
12/03/2009
Jobless claims dropped to a one-year low and nonfarm productivity remains elevated, both signs that the labor market may be improving. Bank of America will repay $45B in TARP by the end of the year, using $26.2B of "excess liquidity" and $18.8B from the sale of securities.Today's Marketing Color
12/02/2009
ADP printed slightly worse than expectations, -169K; consensus for Nonfarm Payrolls on Friday is -123K. Concern over Dubai has continued to diminish as emerging-market stocks are up for a third straight day; treasuries are hovering around unchanged.Global Equities Up
12/01/2009
Dubai World began talks to restructure $26B of debt and said that the rest of their liabilities are on "a stable financial footing". China's manufacturing expanded at the fastest pace in five years. Global equities are up; the dollar and bonds are down.Today's Marketing Color
11/30/2009
Dubai shares have dropped the most in eight years this morning on the first trading day since the government announced that the state-runDubai World, with $59B in liabilities, may have to delay debt payments. Traders are tryingConsumers Spending More
11/25/2009
In the economic releases this morning, the data showed that the consumer is spending more, durable goods orders are down, and initial and continuing jobless claims dropped sharply. Bonds and equities areToday's Marketing Color
11/24/2009
The US government revised 3Q GDP down to 2.8% from the 3.5% reported last month; the decline was due to a growing trade deficit and a smaller gain in consumer spending. Equities have givenStocks Rallying
11/23/2009
On signs that the central banks will continue to keep rates low around the world, stocks and commodities are rallying this morning; the dollar is down. In a holiday-shortened week, the Treasury isToday's Marketing Color
11/20/2009
ECB president Jean-Claude Trichet said that policy makers will start to withdraw emergency cash gradually. Stock futures and commodities are down. The Fed reiterated that they willJobless Claims Unchanged
11/19/2009
Initial jobless claims were unchanged week over week at -505K; continuing claims dropped 39K to 5611K. The Organization for Economic Development predicted that the economies forToday's Marketing Color
11/18/2009
Housing starts and building permits dropped sharply in October as builders showed less optimism with joblessness increasing and certain tax credits are scheduled to cease; MBA mortgage applications declined mildly last week.Today's Marketing Color
11/17/2009
Producer prices, both headline and ex-food and energy, printed tamer than expectations. Home Depot posted worse than expected 3rd quarter numbers.Treasuries Pushing Higher
11/16/2009
Treasuries have been pushing higher with the market having ridden over the data speed bumps, that were OK, while getting some aid as global bondsaim higher.US Trade Deficit Widens
11/13/2009
The US trade deficit widened in September by the most in a decade due to the demand for oil as the economy started to rebound. Congress will needMortgage Applications Rise
11/12/2009
MBA mortgage applications jumped 3.2% last week; the refinance index was up 11%, the purchase index dropped 12%. Both initial and continuing claims printed better than expectations.SHORT-SALES FUEL DROP IN INVENTORY AND PRICES FOR UPPER-END
11/12/2009
Pended short-sales are up 94% for the last 12 months for homes priced above $400,000.00. “We have already seen a 20% discount in pricing in the upper-end REO market,”Today's Marketing Color
11/10/2009
HSBC's 3Q profit rose as bad loans decreased; Barclay's earnings dropped 54% from last year due to increasing impairment charges.Today's Marketing Color
11/09/2009
The dollar is under pressure again this morning after the Group of 20 nations agreed to continue with their economic growth measures; they did not address the weakness in the dollar, causing commodities to rallyToday's Marketing Color
11/06/2009
Nonfarm payrolls printed at a worse than expected -190K for last month; the unemployment rate jumped to 10.2%, the highest level since 1983.Fed Announcement
11/05/2009
The Fed announced yesterday that they will be purchasing a total $175B of agency debt instead of the $200B originally alotted. This morning,Initial jobless claimsNo Rate Change?
11/04/2009
DP printed in-line with expectations, -203K, the best number since July 2008. No change in rate or language is expected in the FOMC announcement later today.Today's Marketing Color
11/03/2009
Despite news that Warren Buffett is buying the rest of Burlington Northern for $34B, stock futures are down. The UK bailed out RBS and Lloyds for the second time, injecting another $51B combined.Today's Marketing Color
11/02/2009
After months of speculation, CIT declared bankruptcy, but said that they will continue their commercial lending while reorganizing. Ford announcedEconomy Recovering?
10/30/2009
Consumer spending decreased in September due to the Cash-for-Clunkers program ending in early August. In another sign that the global economy may be recovering, the Bank of Japan willStocks Rallying
10/29/2009
3rd quarter GDP printed much better than expectations, the first quarterly expansion in more than a year, due to household purchases increasing 3.4%. Stocks areToday's Market Color
10/28/2009
MBA Mortgage Applications were off 12.3% last week after dropping 13.7% the week before. GMAC may receive a third government bailoutHome Price Forecasts
10/27/2009
There is still a fair amount of variance in projecting home prices over the next few years. Goldman stated that "the risk of renewedCommodities on the Rise
10/26/2009
The dollar continues to fall in early morning trading; commodities are rising.Existing Home Sales Increase?
10/23/2009
Existing home sales are scheduled to be released later this morning and are expected to show a month-over-month increase.Today's Market Color
10/22/2009
Initial jobless claims printed worse than expectations; there was a week-over-week drop in continuing claims.Today's Market Color
10/21/2009
Mortgage applications dropped by 13.7% last week. Morgan Stanley beat analyst estimates for the 3rd quarter ($0.38/share vs. $0.30/share) due to higher investment banking fees;Today's Market Color
10/20/2009
Despite a falling dollar and an economy that appears to be improving, PPI printed much worse than expectations.Stocks Continue To Rally
10/19/2009
Fed Chairman Bernanke is scheduled to speak later today on the economic outlook; no change in sentiment is expected.Today's Market Color
10/16/2009
After JP Morgan and Goldman reported strong quarterly earnings earlier this week, Bank of America announced that they lost $1B in the third quarter.Today's Market Color
10/15/2009
Initial and continuing claims printed better than expectations, with small downward revisions to the previous week.Stocks Rallying Aggressively
10/14/2009
Mortgage applications declined by 1.8% week-over-week; purchases were off 5%, refinances were down 0.1%.Gold at Record High
10/13/2009
With the bond market closed yesterday, equities continued to rally.Inventory and Sales are Down
10/12/2009
Declines in inventory and sales are normal for fall; what is not normal is the increase in pending sales in all price brackets.Trade Deficit Narrowed
10/10/2009
The trade deficit narrowed in August as exports climbed. In a sign that other economies are improving,Continuing Jobless Claims Improve
10/08/2009
Initial and continuing jobless claims printed much better than expectations; stock futures are rallying.Commodities Rally
10/07/2009
Mortgage applications jumped 16.4% last week due to lower rates.Today's Market Color
10/06/2009
It is another quiet day in terms of economic data. There is a $39B 3yr auction today; $20B of 10yrs tomorrow; $10B of 30yrs on Thursday.Global Equities
10/05/2009
Global equities were down after Nouriel Roubini predicted that the economic recovery would disappoint investors and that “markets have gone up too much, too soon, too fast”.Today's Market Color
10/02/2009
Nonfarm Payrolls printed worse than expectations, -263K, and the unemployment rate rose to 9.8%.Today's Market Color
10/01/2009
Initial jobless claims printed worse than expectations, coupled with a downward revision to last week; continuing claims data was mixed.Today's Market Color
09/30/2009
ADP printed worse than expectations, -254K vs. -200K consensus, showing more job losses than anticipated in the private sector.Equities at Highest Valuations in Five Years
09/29/2009
It is another light day on the economic calendar with home price and consumer confidence data due out later in the morning.Stock Futures Are Up
09/28/2009
It is a slow day on the economic calendar ahead of a busy week. ADP is scheduled to be released on Wednesday (consensus is -200K); Nonfarm Payrolls will be released on Friday (consensus is -180K).Today's Market Color
09/25/2009
August Durable Goods orders dropped, partly due to the pullback after the Cash for Clunkers program ended. The G-20 continues their meeting today;Fed Announces Extension
09/24/2009
Yesterday, the Fed announced that they would extend the MBS purchasing program for 3 months, but did not increase that amount that would be bought from the original $1.25T.FOMC Announces Decision Today
09/23/2009
The FOMC announces their decision this afternoon. Even though no rate move is expected, there is debate on whether or not any exit strategies/timelines from the various markets that the Fed is involved in will be discussed.Home Prices Stable to Increasing below $300,000
09/23/2009
REO listings under $300,000 have seen prices increase 6% since April 2009, while Short-Sales and Non-REO listing prices under $300,000 have been flat over the same time period.FOMC Two-day Meeting Starts Today
09/22/2009
The FOMC begins their two-day meeting today. With their announcement scheduled for tomorrow afternoon, market participants are curious whether the Fed will address exit strategies from the different markets that they are involved in.Today's Market Color
09/21/2009
It is a quiet day on the economic front ahead of Wednesday’s FOMC decision and $112B of Treasury supply hitting the market Tuesday-Thursday.Today's Market Color
09/18/2009
There is no economic data scheduled for release today. Stocks and commodities are off due to rising copper inventories.Housing Starts Best in Nine Months
09/17/2009
Initial jobless claims printed at the lowest level in two months; continuing claims remain elevated. Housing starts posted the best number in nine months.Today's Market Color
09/16/2009
The year-over-year CPI print of -1.5% was less deflationary than expectations; the core month-over-month number was in line with consensus.Retail Sales Are Up
09/15/2009
Retail sales posted a 2.7% increase, the most in 3 years; bonds are off.Today's Market Color
09/14/2009
Global equities are off on fears that stock prices have outpaced the prospects for earnings growth; commodities are down.Import Prices Climb
09/11/2009
Import prices climbed more than expected due to a weaker dollar.Jobless Claims Better Than Expected
09/10/2009
Both Initial and Continuing Jobless Claims printed better than expectations, with mild upward revisions to the previous week; the trade deficit widened by 16%, the most since 1999, due to auto demand caused by the “Cash for Clunkers” program.Mortgage Applications Surge
09/09/2009
MBA mortgage applications jumped 17% last week; the refinancing index was up 22.5%, the purchase index increased 9.5%.Global Equities Rally
09/08/2009
Gold broke through the $1,000/ounce threshold, causing global equities to rally; the dollar is down.Nonfarm Payrolls Better Than Expected
09/04/2009
Nonfarm Payrolls printed slightly better than expectations, -216K vs. -230K consensus, with a downward revision to the previous month.Daily Market Color
09/03/2009
Initial and continuing jobless claims printed worse than expectations.Daily Market Color
09/02/2009
The ADP print was worse than expectations, -298K, which may cause some analysts to worsen their estimates for Nonfarm Payrolls on Friday, currently -225K.Daily Market Color
09/01/2009
Chinese manufacturing increased at the greatest pace in over a year due to a record amount of lending, spurring a rally in copper and other commodities.Bonds Up Slightly
08/31/2009
Due to fears that equity prices have outpaced actual economic fundamentals, global stocks and US futures are down; bonds are up slightly.Consumer Spending Increases in July
08/28/2009
Consumer spending increased in July mainly due to the “Cash-for-Clunker” program.Jobless Claims Improve
08/27/2009
Initial and Continuing jobless claims improved slightly week over week.Mortgage Applications Are Up!
08/26/2009
MBA Mortgage Applications rose by 7.5% last week; refinancing was up by 13%, purchases were 1% higher.Economy Pulling Out of Recession?
08/24/2009
Both Federal Reserve Chairman Ben Bernanke and ECB President Jean-Claude Trichet said that the world economy is showing signs of pulling out of the recession.US Stock Futures Are Up
08/21/2009
After a 60% rally in stock prices, China plans to tighten capital requirements for banks.Daily Market Color
08/20/2009
Initial Jobless Claims continue to be weak, rising 15k from last week; continuing claims remain elevated.Mortgage Applications Jump
08/19/2009
Mortgage applications jumped 5.6% last week: refinancing up 6.9%, purchases +3.9%.German Investor Confidence Rising
08/18/2009
PPI printed lower than expectations due to falling energy prices; housing starts and building permits fell slightly from last month.Daily Market Color
08/17/2009
Foreign stock and US stock futures are down on concerns that the global economy may worsen; bonds are up.Short-Sale Pending Accelerate
08/14/2009
Short-sale inventory is declining as quickly as REO inventory, and there are three times as many short-sale pended escrows as there are closed escrows.Bonds Are Up
08/14/2009
CPI was unchanged in July, showing that inflation is under control; bonds are up.Daily Market Color
08/13/2009
The economies in Germany and France unexpectedly grew in the second quarter, giving evidence that the recession in Europe may be coming to an end.Daily Market Color
08/12/2009
The trade deficit was narrower than economist estimates due to increased exports.Market Color
08/11/2009
Nonfarm productivity jumped from 0.3% to 6.4% in the second quarter, mainly due to job cuts.Low Inventory Pushes Prices Up
07/15/2009
For the third month in a row, price per sq/ft, median and average prices have risen for homes priced below $750,000.00. With fewer than expected bank-owned properties hitting the market together with low interest rates, buyers are finding slim-pickings.Transitional Market Creates Opportunities
06/18/2009
Even though sales have slowed going into June due to interest rate increases; the median price, average price and price per foot went up in May due to inventory levels below three months. If you are priced to sell, homes are selling in 60 days.Short Sales on the Increase
05/11/2009
In a reaction to REO inventories now below one month’s supply, more buyers are turning to short-sales in hopes of snagging the home of their dreams.$8000 Homebuyer Tax Credit!
05/08/2009
A tax credit of up to $8,000 is now available for qualified first-time homebuyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.Bank Owned Inventory is running out!
04/10/2009
It may only be a product of the many moratoriums on REO sales, that has dropped inventory levels down to just one month and below a month for pending sales which have jumped 24%,” said Michael Lyon, CEO of Lyon Real Estate. “The average REO sold price is hovering at $180,000 for the last three months.
