Yesterday’s S&P Case Shiller May report showed home prices across 20 major U.S. metro areas were up 0.6% since April, the second straight monthly gain after seven straight months of decline. But prices are down 4.5% since last May, and prices are down 32.3% from June/July 2006 to May 2011. Case Shiller Index co-creator and
July 2011
I just attended a wedding where the parents of the bride are divorcing. I sat directly behind them and watched their pain as the priest hammered home the unconditional permanence of their daughter’s commitment. It reminded me of financial advisors so committed to pushing a certain product that they miss the goal. The goal of
Has U.S. government debt become a safe haven for its own downgrade? Some think so since mortgage (Fannie & Freddie) and Treasury bonds still look ok relative to other global options, but that theory has yet to play out. One thing for sure is that US banks are holding on to more cash and locking
Has U.S. government debt become a safe haven for its own downgrade? Some think so since mortgage (Fannie & Freddie) and Treasury bonds still look ok relative to other global options, but that theory has yet to play out. One thing for sure is that US banks are holding on to more cash and locking
MBA Mortgage Applications (week ending 7/22) -Purchase Index Week/Week: -3.8% -Refinance Index Week/Week: -5.5% -Composite Index Week/Week: -5.0% -Refi apps fell to 69.6% of total apps from 70.1% the previous week -The Purchase Index indicates that July home sales are likely to be weak -Four-week moving average for all apps was down 0.3% Durable Goods
MBA Mortgage Applications (week ending 7/22) -Purchase Index Week/Week: -3.8% -Refinance Index Week/Week: -5.5% -Composite Index Week/Week: -5.0% -Refi apps fell to 69.6% of total apps from 70.1% the previous week -The Purchase Index indicates that July home sales are likely to be weak -Four-week moving average for all apps was down 0.3% Durable Goods
-S&P, Moody’s Downgraded to Irrelevant (SmartMoney) -U.S. Moving Away From Reliance On Ratings (Dealbreaker) -Loans With Mortgage Insurance Less Likely To Default (NatlMortgagePro) -Is CFPB Already Helping Banks, Not Borrowers? (HSH) -The Cult That’s Destroying America (Krugman) -10 Google+ Tips & Tricks (Mashable)
-S&P, Moody’s Downgraded to Irrelevant (SmartMoney) -U.S. Moving Away From Reliance On Ratings (Dealbreaker) -Loans With Mortgage Insurance Less Likely To Default (NatlMortgagePro) -Is CFPB Already Helping Banks, Not Borrowers? (HSH) -The Cult That’s Destroying America (Krugman) -10 Google+ Tips & Tricks (Mashable)
Last week, June housing starts were 629k annualized vs. 549k for May. It was the highest since January. But housing starts have averaged 400k annualized during the post-bubble years, the lowest in decades according to San Francisco Fed research published yesterday. The paper explores factors affecting weak housing starts and concludes that residential construction will
I was “spanked down” by a few folks about my analogy yesterday about the US deficit being like someone who runs up their credit card. Here are a couple of responses: “The debate about the debt ceiling isn’t analogous to asking for an increase in one’s credit card limit; it’s analogous to a strategic default
June New Home Sales -New Home Sales: 312,000 (annualized) -312k is less than half 700k economists consider healthy -Down 1% from May, up 1.6% from June 2010 -Median new home sales price up 7.2% to $235,200 -Average new home sales price $269,000 -60% of the gain is in the South -6.3 months supply at current
Today’s links on loan limits, debt ceiling options, U.S. and Europe’s debt quagmires, Finreg year 1, trading don’ts, and your best source for NFL news. -‘Sacred AAA Rating’ At Risk Even Without Default (InvestmentNews) -Debt Ceiling Charade: The 3 Smart Options (CalculatedRisk) -“Impossible Math” behind Euro Crisis (PragmaticCapitalist) -Mortgage Bankers Reverse Course On Loan Limits
When somebody begins a sentence with “It would be nice if…” the right thing to do is to wait politely for the speaker to finish. No project ever gets around to the “it-would-be-nice” features: or if they do, they regret it. Wait for sentences that begin, “We have to…”, and pay close attention, and see
The highlight this week will be this Friday’s Advance 2Q2011 GDP, the first of three readings. GDP = C+I+G+(X-M) where C= Consumer Spending. I = Investments, G=Government Spending, X=eXports and M=iMports. The advance GDP has only 2 of 3 months data on G and I and can see substantial revision. The range of estimates for
[I’m lucky to have Dick Lepre on my mortgage banking team and as a contributor to The Basis Point because whenever I think I have a market theme pinned down, he’ll come in and clarify with a trader’s bottom line instinct. One reason is his relationship with Treasury trading vet James Grauer, publisher of Stomaster.
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