Global Macro Perspectives
(For August 2010) Seasonly adjusted S&P/Case-Shiller HPI 10 city composite fell 0.2% In August; On year level 10 city index is up 2.5%. Chart 1. S&P/Case-Shiller Composite 10 Seasonly adjusted S&P/Case-Shiller HPI 20 city composite fell 0.3%; On year level 20 city index is up 1.7%. Chart 2. S&P/Case-Shiller Composite 20 This is three month rolling average for […]
(For September 2010) Sales of existing homes in U.S. rose 10.0% to 4.53 million units SAAR. Consensus was at 4.3 million. Chart 1. U.S. Existing Home Sales Total housing inventory is at 4.04 million units down from 4.12 million in August. Months supply fell from 12.0 to 10.7 months. Chart 2. U.S. Existing Home Sales Inventory & […]
(For The Week Ending October 15, 2010) MBA mortgage applications fell 10.5% , prior reading was an increase of 14.6.%. Refinance index fell 11.2%; Purchase index fell 6.7%. This looks quite negative, not sure if it is connected with foreclosure mess. Chart 1. MBA Mortgage Applications
Bloomberg story: Pimco, New York Fed Said to Seek BofA Repurchase of Mortgages. Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the […]
(For August 2010) Moody’s/REAL National Commercial Property Index fell 3.3% in August and it is now running at -7.6% YoY. Chart 1. Moody’s/Real National Commercial Property Index
(For September 2010) U.S. housing starts in September rose 0.3% to 610.000 vs. revised (10.000 higher) 608.000 August reading. The consensus was at 580.000. On year level U.S. housing starts are up 4.1% Chart 1. U.S. Housing Starts Number of building permits issued in the U.S. in August fell 5.6% to 539.000. The consensus was at 575.000. On year […]
(For October 2010) Housing Market Index for October was reported at 16 vs. 13 in September. Consensus was at 14. All components up, especially future component. What do you have if you don’t have hope….? Chart 1. NAHB / Wells Fargo Housing Market Index
You should read this. Naked Capitalism: Josh Rosner: “Could Violations of PSA’s Dwarf Lehman Weekend?”.
We still don’t have any reaction from the markets on recent issues with mortgage documentation and to be frank I still don’t know what to think on all that. In terms of housing market possibilities are: 1. This all is overblown and the number of mortgages with defective legal documents is insignificant. 2. Number of mortgages with defective legal documents is […]
This is absolutely great.
(For The Week Ending October 1, 2010) MBA mortgage applications fell 0.2% , prior reading was a decrease of 0.8.%. Refinance index fell 2.5%; Purchase index rose 9.3%. Chart 1. MBA Mortgage Applications
(For August 2010) Pending home sales index rose 4.3% in August vs. revised rise of 4.5% in July. On year level, the index is down 20.1%, Chart 1. Pending Home Sales Index
(For The Week Ending September 24, 2010) MBA mortgage applications fell 0.8% , prior reading was a decrease of 1.4.%. Refinance index fell 1.6%; Purchase index rose 2.4%. Chart 1. MBA Mortgage Applications
(For July 2010) Seasonly adjusted S&P/Case-Shiller HPI 10 city composite rose 0.03%; Seasonly adjusted S&P/Case-Shiller HPI 20 city composite also fell 0.3%. On a year level 10 city index is up 4.0%; 20 city index is up 3.1% This is three month rolling average for July. Time lag is huge. Chart 1. S&P/Case-Shiller Composite 10 Chart 2. […]
(For August) U.S. new home sales were unchanged in August at 288.000 SAAR, the consensus was at 295.000 SAAR, prior reading (revised upward 12.000) was also at 288.000 SAAR. And markets move higher on this too… Chart 1. U.S. New Home Sales SAAR