http://www.mortgagenewsdaily.com/micro_news/enCommunityServer 2008 SP2 (Build: 31106.96)http://www.mortgagenewsdaily.com/micro_news/313439.aspxWed, 19 Jun 2013 20:26:52 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313439Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313439http://www.mortgagenewsdaily.com/micro_news/313439.aspx#commentsThis isn't so much a "new" reprice alert as it is an ongoing damage report. The reasons for the damage are <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/313436.aspx">in this post</a> as well as the previous alerts. This is just one more to add to the pile. <br/><br/> Volume is subsiding and 10's look to be bouncing back slightly (down to 2.3289 from 2.358 highs. MBS are just bouncing along the bottom of their pit of despair--abandoned by their one-time hero (as expected, but it still hurts). Fannie 3.5s are down a point and a tick (-1-01) to 102-09. Reprices are a matter of "when" vs "if" if you haven't seen them. <br/><br/> At least in the 2009 version of Black Wednesday, we could hold out a lot of hope that there was no possible way "things could be fixed" sufficiently for the Fed to be done supporting MBS markets or for things to not bounce back fairly quickly. We could hold out a lot of hope that purchases would have to increase and/or last longer and that the past version of Black Wednesday would be a short term spike lower.<br/><br/> This time around, we just got confirmation that bond purchases are more likely to head in the other direction, that the economy may actually be "fixed enough" to start dialing back purchases, but most importantly that the Fed doesn't see the issue in mortgage markets yet. The outright losses are far less severe than "old Black Wednesday," but "New Black Wednesday" is thus far shaping up to have a more ominous projection for the future. <br/><br/> That may ultimately change or ease in scope, but not today...<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313439.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313439/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313439" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313430.aspxWed, 19 Jun 2013 18:56:41 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313430Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313430http://www.mortgagenewsdaily.com/micro_news/313430.aspx#commentsGood night, sweet MBS market. As feared, the Fed is willing to let mortgage markets run the gauntlet of a higher rate environment and see how it goes. This wire is a hearty tap of a nail in our coffin: <br/><br/> FED'S BERNANKE - RISE IN INTEREST RATES DUE TO OPTIMISM ON THE ECONOMY AND ACCURATE ASSESSMENT OF MONETARY POLICY IS A GOOD THING <br/><br/> Here's the logic: IF Bernanke is saying the assessment is accurate, and IF the assessment has been a frantic move to higher rates, THEN Bernanke is saying "yep, you did that right."<br/><br/> To make matters worse, he just told Binyamin Applebaum from the NY Times that "substantial is in the eye of the beholder" meaning that employment growth could be as good as they Fed wants it to be, without regard for other definitions. We also discussed this extensively recently in MBS Commentary posts.<br/><br/> MBS melting down, Stocks tanking, TSY pushing 2.32. <div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313430.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313430/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313430" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313428.aspxWed, 19 Jun 2013 18:48:48 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313428Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313428http://www.mortgagenewsdaily.com/micro_news/313428.aspx#commentsFirst of all, negative reprices are guaranteed if you haven't seen them. The alert servers are fully functional, and MBS prices are down to new lows at 102-21. 10yr yields are up to 2.2924. Here is some background on why things are happening the way they are:<br/><br/> As it turns out, tapering is still on the table, and the economic outlook is "as good or better" than it was. Bond buying remains intact, but the consensus outlook continues to be "September" for the first major possibility of tapering (it was an outside possibility today). <br/><br/> September tapering supports the recent range, and pending Bernanke comments, may afford us the opportunity to bounce back later today and beyond (days/weeks even). That's still on the table, but not guaranteed. Damage was done by the following:<br/><br/> -Downside risks for economy and labor market have dimished<br/><br/> - Labor market conditions have shown further improvements (this is EXACTLY what Bernanke said would need to happen back in March in order for tapering to begin).<br/><br/> - number of dissenters up from 1 to 2. that's a sign of a shift away from bond buying support. pretty big deal<br/><br/> - Fed beginning to distinguish between jobless rate and overall labor market conditions. (greases the skids to pay less attention to U/E and lean more appropriately on payrolls)<br/><br/> - Long term inflation expectations stable (i.e. no massive deflationary concern that requires printing money to defend against. Even then, inflation threshold in policy is only linked to Fed Funds Rate).<br/><br/> - "increase or reduce" pace of purchases remains in the statement. No one believes "increase" any more.<br/><br/> - Jobless rate forecast fall to 6.5 in 2014 from 6.7 previously. High end of estimates from 7.0 down to 6.8.<br/><br/> Bernanke presser is starting. Again the bottom line is that the 2pm data had a chance to refute the notion of tapering as possibility. It didn't do that. Bernanke's prepared remarks, instead, seem more focused on explaining why tapering is OK (using analogies to explain that Fed will ease off the throttle and this is merely "less support" as opposed to a withdrawal of support).<br/><br/> As the Q&A continues, Bernanke is doing more and more to confirm the reality of tapering in the near future, barring any major economic shift.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313428.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313428/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313428" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313421.aspxWed, 19 Jun 2013 18:08:29 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313421Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313421http://www.mortgagenewsdaily.com/micro_news/313421.aspx#commentsNo text here... Reprices are coming.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313421.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313421/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313421" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313418.aspxWed, 19 Jun 2013 18:03:28 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313418Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313418http://www.mortgagenewsdaily.com/micro_news/313418.aspx#commentsnegative reprice risk increasing. More to follow, but volatility has not worked it's way through the market yet. no nails in coffins yet. 10's at 2.23, MBS : no one knows... Bid and ask are so far away. We're probably headed lower at the moment.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313418.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313418/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313418" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313399.aspxWed, 19 Jun 2013 16:58:45 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313399Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313399http://www.mortgagenewsdaily.com/micro_news/313399.aspx#commentsLittle to be said about it at this point and even less that can be done about it. If you wanted off the ride before the Fed, you should already be off. If you were planning on floating through the Fed and another small reprices is enough to change your mind, then here you go: we're at risk of further reprices now. 10's broke just slightly over their supportive ceiling and trade at 2.2252. Fannie 3.5's are pushing the 103-00 barrier. More negative reprices expected (2nd round from quick lenders and guaranteed first round from anyone else who hasn't repriced yet).<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313399.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313399/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313399" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313379.aspxWed, 19 Jun 2013 15:26:25 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313379Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313379http://www.mortgagenewsdaily.com/micro_news/313379.aspx#commentsWhereas MBS were down to 103-07+ before, we're now down to 103-05+ now, making negative reprices slightly more risky than they were at the time of the last alert. 10's are up over 2.20 now (2.2035), but it's, as yet, unclear whether or not there will be any sort of mini-snowball momentum heading into FOMC. Right now, we're not there yet, and in fact, trading levels are well-contained by longer term trends--merely looking more serious in the context of 2-day charts.<br/><br/> That's not to say that there isn't a risk of negative reprices present. There is, and it's slightly elevated. But that risk is incidental, and nothing to do with any meaningful trading of today's events--premature or otherwise. Just "nerves" if you will. To be extra clear, that doesn't mean you should float if you need to lock! (just that, if today "drops the big one" on MBS, this ain't it).<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313379.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313379/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313379" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313369.aspxWed, 19 Jun 2013 15:06:30 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313369Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313369http://www.mortgagenewsdaily.com/micro_news/313369.aspx#commentsIt will probably be a bit soon for most lenders and we probably haven't seen sufficient losses, but MBS are edging into a range where negative reprice risk first becomes conceivable. Lenders who priced at the highs would have had 3.5s around 103-12. Given that we're now at 103-07+, the 4.5 ticks is just over the eighth of a point that usually brings about the amber alert. Making things slightly more austere is the fact that 10's have also broken above their overnight highs and are now up to 2.196 after holding under 2.19 previously. <div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313369.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313369/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313369" width="1" height="1">MBSalerthttp://www.mortgagenewsdaily.com/micro_news/313347.aspxWed, 19 Jun 2013 13:26:33 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313347Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313347http://www.mortgagenewsdaily.com/micro_news/313347.aspx#commentsTreasuries were stone silent during Asian hours, holding inside an impressively narrow half bp range (2.185-2.19) despite a 200pt swing in the Nikkei and moderate movement elsewhere. Granted a 200pt sell-off and rally in the Nikkei is just another day at the office for Japanese stock markets, but if you needed any reassurance that US Bond Markets are marching to the beat of their own drum, there's another nugget.<br/><br/> With the onset of the European session, Treasuries did give a small amount of chase to German Bund movements on the heels of a strong auction, but all told, global markets watch and take direction from the US, not the other way around. As such, global markets are generally subdued as we wait for this afternoon's FOMC events (starting at 2pm Eastern). <br/><br/> 10's managed to eke out a bp and a half of improvement, currently bouncing along 2.167 (2.173 currently) and Fannie 3.5s are grinding super sideways at 103-12. Equities are in line with yesterday's latest levels after modest overnight volatility (7 point range, give or take, for S&P's). There's no significant data this morning, and all eye are on the Fed this afternoon.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313347.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313347/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313347" width="1" height="1">MBSUPDATEhttp://www.mortgagenewsdaily.com/micro_news/313253.aspxTue, 18 Jun 2013 19:35:24 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313253Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313253http://www.mortgagenewsdaily.com/micro_news/313253.aspx#commentsAfter rallying directionally from 11am, both Treauries and MBS have broken from those trends and gone sideways into 3pm. To be sure, some positive reprices may still be out there, but if you've already seen one, this is sort of a heads-up that you're not likely to see another one from the same lender. Also bear in mind that some lenders (only a select few, really) have been known to reprice negatively on afternoons like this where we've rallied for most of the day and begin drifting off into the close.<br/><br/> Whatever the case, Fannie 3.5s are back down to 103-09, getting closer to the 103-07 / 103-08 pivot zone. 10's are back into negative territory, up less than a bp at 2.187, but looking like they want to break higher. "Stay frosty" = stay cautious if you need to be. No negative reprice risk yet based on price levels, but the rally is over and the sideways grind is at risk of slipping a bit.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313253.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313253/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313253" width="1" height="1">MBSUPDATEhttp://www.mortgagenewsdaily.com/micro_news/313231.aspxTue, 18 Jun 2013 18:28:36 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313231Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313231http://www.mortgagenewsdaily.com/micro_news/313231.aspx#commentsThe 103-07 to 103-08 zone held up as resistance to multiple attempts to move higher before finally giving way just before 2pm. As we noted, this is a level that has been clearly more likely to cause bounces than allow breaks, and today is no exception (only 1 break vs too many bounces to count). As such, trading activity picked up in MBS shortly after the break and prices followed through into higher territory. Staying in that territory for more than a few minutes has allowed for widespread positive reprices.<br/><br/> The "zone" now serves the opposite role, where it's more likely to act as support vs falling prices. If it's broken again, that would be the cue to lock em up for the day (if you're planning on locking or not otherwise doing so after this batch of reprices). <div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313231.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313231/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313231" width="1" height="1">MBSUPDATEhttp://www.mortgagenewsdaily.com/micro_news/313210.aspxTue, 18 Jun 2013 17:05:34 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313210Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313210http://www.mortgagenewsdaily.com/micro_news/313210.aspx#commentsAlthough we do have one report of a positive reprice, MBS will be hard pressed to maintain (or improve to) levels that suggest more of the same. Not only does tomorrow's important data suggest caution among lenders, but price levels themselves are just now getting back to that important pivot zone in Fannie 3.5s (103-07 to 103-08). These price levels have been more likely to result in bounces vs breaks when approached from either direction of late (though breaks obviously CAN happen). <br/><br/> Even if it does happen, we seem to be encountering resistance to the idea so far while 10's similarly struggle with a meaningful break into the 2.17's (stuck at 2.18-ish right now). <br/><br/> There is no significant news or data motivating the return to unchanged levels for bond markets, but the juxtaposition of rising stock prices implies the possibility that we're simply seeing some cash come off the sidelines whereas yesterday afternoon's FT article may have had the opposite effect.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313210.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313210/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313210" width="1" height="1">MBSUPDATEhttp://www.mortgagenewsdaily.com/micro_news/313141.aspxTue, 18 Jun 2013 13:18:44 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313141Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313141http://www.mortgagenewsdaily.com/micro_news/313141.aspx#commentsTreasuries traded in a narrow sideways range during Asian hours despite an initial move higher in the Nikkei and Dollar/Yen. German Bunds had a bit of catching up to do with respect to yesterday afternoon's sell-off in Treasuries or they were simply responding to a slightly better-than-expected sentiment survey (or maybe both). Either way, Bund yields rose and Treasury yields followed.<br/><br/> All in all, the moves were moderate, but persistently weak. 10's were up near 2.2 by the start of the domestic session and remained under pressure through the uneventful 8:30am data. After topping out at just under 2.22, 10's are currently trading around 2.205<br/><br/> Fannie 3.5's opened 3-4 ticks weaker and shed a few more in concert with Treasury weakness. Fannie 3.5s have been trading flat around 103-03 since hitting lows of 103-02 just before data. Equities are almost perfectly in line with yesterday's 4pm levels according to Futures, but have been trending lower since 8:20am. With no remaining economic data today, markets will be "trading it out" ahead of the Fed tomorrow. <br/><br/> In other words, any movement we see is dependent on how trade flows shape up. All things being equal there isn't much motivation to move directionally as most position squaring was taken care of before yesterday afternoon's FT headline shook things up. <div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313141.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313141/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313141" width="1" height="1">MBSUPDATEhttp://www.mortgagenewsdaily.com/micro_news/313131.aspxTue, 18 Jun 2013 12:42:23 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313131Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313131http://www.mortgagenewsdaily.com/micro_news/313131.aspx#comments- Consumer Price Index +0.1495 vs +0.2 pct forecast<br/> - Core CPI +0.1666 vs +0.2 pct forecast<br/> - Consumer "real earnings" -0.1 pct<br/><br/> The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in May on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.4 percent before seasonal adjustment. <br/><br/> The shelter index rose 0.3 percent and accounted for more than half of the seasonally adjusted all items increase in May. The energy index rose modestly, with the gasoline index flat but increases in the electricity and natural gas indexes accounting for the rise. The food index, however, turned down in May, with the food at home index falling 0.3 percent. <br/><br/> The index for all items less food and energy increased 0.2 percent in May. Besides the shelter increase, advances in the indexes for airline fares, recreation, and apparel also contributed to the rise. In contrast, the indexes for medical care and used cars and trucks declined in May. <br/><br/> The all items index increased 1.4 percent over the last 12 months, an increase from last month's 1.1 percent figure. The 12-month change in the index for all items less food and energy remained at 1.7 percent. The food index has risen modestly over the last 12 months, advancing 1.4 percent, while the index for energy has declined, falling 1.0 percent.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313131.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313131/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313131" width="1" height="1">MBSECONhttp://www.mortgagenewsdaily.com/micro_news/313129.aspxTue, 18 Jun 2013 12:37:56 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:313129Matthew Graham0http://www.mortgagenewsdaily.com/channels/micro_news/rsscomments.aspx?PostID=313129http://www.mortgagenewsdaily.com/micro_news/313129.aspx#comments- Starts 914k vs 950k consensus, 856k previously<br/> - Permits 974k vs 975k consensus, 1.005m previously<br/> - Multifamily Starts up 21.6 pct, Single Fam up 0.3 pct<br/> - Single Fam permits highest since May 2008 <br/><br/> The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2013:<br/><br/> BUILDING PERMITS<br/> Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 974,000. This is 3.1 percent (±0.9%) below the revised April rate of 1,005,000, bu t is 20.8 percent (±1.3%) above the May 2012 estimate of 806,000.<br/><br/> Single-family authorizations in May were at a rate of 622,000; this is 1.3 percent (±1.1%) above the revised April figure of 61 4,000. Authorizations of units in buildings with five units or more were at a rate of 325,000 in May.<br/><br/> HOUSING STARTS<br/> Privately-owned housing starts in May were at a seasonally adjusted annual rate of 914,000. This is 6.8 percent (±10.1%)* above the revised April estimate of 856,000 and is 28.6 percent (±14.4%) above the May 2012 rate of 711,000.<br/><br/> Single-family housing starts in May were at a rate of 599,000; this is 0.3 percent (±8.7%)* above the revised April figure of 5 97,000. The May rate for units in buildings with five units or more was 306,000<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/313129.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/313129/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=313129" width="1" height="1">MBSECONINDUSTRY