Mortgage News
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MBS CLOSE: Uneventful End To Uneventful Day
Posted To: MBS Commentary Though MBS were not quite as thinly traded as treasuries (lowest volume since the first trading day of 2010), the picture wasn't much better. At least that which is at risk on low volume days--volatility due to the trading that actually happens comprising a larger portion of the total--was not present. Quite the opposite in fact, as the the same trend that began to emerge early this afternoon remained intact through the close. In MBS, the 101-07 to 101-10 range covered almost everything since 1030 AM. That's a quiet, boring day. I move a lower trendline down to 3.57 on the 10yr yield to show that we're going out today at an even lower yield level than Friday. So don't let the entire day of slightly worse readings fool you... The net effect for both markets was FLAT. And in the...( read more) 
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Housing Needs Job Creation. What Sort of Jobs Though?
Posted To: Voice of Housing Mr. O’Reilly (December 01, 2009) claims that the “new” root cause of the housing crisis is the (lack of) “jobs, jobs, jobs.” So the solution to the crisis must be (the creation of) “jobs, jobs, jobs.” I agree. But the next question is this: What sort of jobs? Consider a proposal for two, complementary jobs programs. The first is called the “Litter Scattering Brigades.” Workers are paid to strew trash along the nation’s highways. The second jobs program is called the “Litter Gathering Brigades.” Workers are paid to collect the trash strewn on the nation’s highways. The workers of the Scattering Brigade have jobs, and thus can afford a home. The workers of the Gathering Brigade have jobs, and thus can afford a home...( read more) 
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Tuesday, 26 January 2010 22:08 |
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Existing home sales plunged a record 16.7% in December to an annualized pace of 5.45 million. The large decline followed several months of strong sales gains that were primarily driven by the first time homebuyer tax credit which was originally slated to expire on November 30. The tax credit has since been extended and expanded but not before impacting sales immediately afterward in December. Despite the sharp decline in December, total sales are still 15.0% above their year ago level.
Our existing home sales report is here SALES SWOON, INVENTORIES DROP, PRICES RISE
For all of 2009, sales increased over 5% from 2008, their first annual gain since 2005. Home prices increased over the last year with median prices up 1.5% to $178,300 and average prices gaining 3.6% to $225,400. |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Monday, 25 January 2010 07:20 |
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Our report on December Housing Starts is posted - Declining Again.
New residential construction starts declined 4.0% in December to an annual rate of 557k after an upwardly revised gain of 10.7% in November to a rate of 580k. November’s rebound proved short-lived as homebuilders continued to cut back on new starts amid a spotty economic recovery and a large number of distressed properties moving through the market. In a reversal of recent trend, it was a decline in single-family starts that led overall starts lower. Single-family housing starts dropped 6.9% last month to an annual rate of 456k, which is 5.5% higher than single family starts this time last year but still a stunning 73.6% below their January 2006 peak.
Here is the Census Bureau report on housing Permits, Starts and Completions.
Here is the take from Calculated Risk: Housing Starts Decline in December. |
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