July 2008 - MND NewsWire

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Mortgage Rates Skyrocket Past 2013 Highs Today; Existing Home Sales; Mortgage Apps

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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After Weak U.S. Second-Quarter GDP, Economists Say Worse to Come

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July 31 2008, 7:00 AM

Economists say the reported 1.9% GDP growth for the second quarter of 2008 was boosted by a 1.5% increase in consumption and a 2.4% gain in net exports. The figure was lower than expectations, however, as inventories saw a sharp reduction. Aside from...
Chicago Business Barometer Bounces into Growth, Prices at 28-Year High

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July 31 2008, 7:00 AM

The ISM-Chicago business barometer bounced into growth mode in July following five months of slowdown. The growth was led by advances in production and new orders, even as prices hit a 28-year high and employment remained in contraction for the eighth...
Greenspan Says Regulator Role Will Undermine Fed's Credibility

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July 31 2008, 7:00 AM

In an interview on CNBC, Former Federal Chairman Alan Greenspan warned that if the Federal Reserve is given a role to oversee the financial system it could undermine its credibility. Greenspan said the US is facing a " once in a century crisis ." He warned...
A Loaf of Bread for Z$200 Billion? Now That's Inflation

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July 31 2008, 7:00 AM

Zimbabwe is the latest example of what happens when inflation spirals out of control to the point of hyperinflation. With the highest rate of inflation in the world - about 2.2 million per cent - Zimbabwe last week issued a Z$100 billion note, though...
Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure

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July 31 2008, 7:00 AM

Freddie Mac today told mortgage servicers it was doubling the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure. Freddie Mac also announced it will start reimbursing servicers...
TSY's Paulson Says Stimulus Has Helped U.S. Economy

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July 31 2008, 7:00 AM

Speaking before the Exchequer Club of Washington, U.S. Treasury Secretary Henry Paulson said the stimulus package has supported the economy in the last year. Paulson said market turmoil and energy prices have dragged on the economy, while the labor market...
GDP Rises 1.9% in Q2, Revisions Include Negative Quarter in Q4 2007

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July 31 2008, 7:00 AM

The advance U.S. GDP report came in lower than expected for the second quarter of 2008, rising by 1.9% against expectations of 2.3% growth, according to the Bureau of Economic Analysis on Thursday. Revisions showed the U.S. economy shrank 0.2% in the...
Preview: Second Quarter GDP Expected to Post 2.3% Growth

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July 30 2008, 7:00 AM

The consensus forecast expects U.S. GDP growth to come in quite a bit better than the two previous quarters, as exports have surged on the weak dollar and the fiscal stimulus package has provided a boost to consumption. The advance Q2 GDP report is expected...
New 2008 Highs for Mortgage Rates

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by Glenn Setzer on July 30 2008, 7:00 AM

Fixed-rate mortgages (FRMs) hit the highest levels of 2008 during the week ended July 24 according to Freddie Mac's Primary Mortgage Market Survey. "Market concerns about rising inflation and the greater probability that the Federal Reserve (Fed) will...
Hope Now Alliance Saves 1.9 Million Homes From Foreclosure

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July 30 2008, 7:00 AM

Mortgage service providers have staved off the foreclosure of 1.9 million homes in the past year in what has been the largest bailout the housing industry has ever seen, according to Hope Now, the private sector alliance of mortgage service providers...
The Home Equity ATM Machine Slows in First Half of 2008

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by Glenn Setzer on July 30 2008, 7:00 AM

Whatever else is going on in the housing market, it appears that Americans are no longer using their homes as gigantic credit cards to finance new cars, tuition, and vacations. Freddie Mac's report on cash-out refinancing for the first half of 2008 showed...
MBA Mortgage Applications Move Down in Week Ending July 25

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July 30 2008, 7:00 AM

Weekly mortgage applications declined in the week ending July 25, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 14.1% week-over-week fall in applications. In the previous week, applications fell...
CIBC's Rubin Sees U.S. Inflation Hitting 6%

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July 30 2008, 7:00 AM

Headline inflation in the United States could be headed as high as 6% before the end of the year, CIBC chief economist Jeff Rubin warns in a forecast published Wednesday. "We haven't seen a 6% CPI inflation rate posted in the U.S. since 1990 and even...
Fed to Conduct Liquidity Operations Through January 2009, Introduces 84-Day TAF

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July 30 2008, 7:00 AM

In addition to the $75 billion 28-day Term Auction Facility (TAF), the Fed will also be conducting a $25 billion 84-day TAF to address the ongoing "fragility" of the financial system . The Fed also said it would be extending its extraordinary lending...
SEC Extends Rule Limiting Short Selling Until August 12

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July 30 2008, 7:00 AM

On Tuesday evening, the Securities and Exchange Commission extended its emergency rule limiting short selling of Fannie Mae, Freddie Mac and 17 brokerage firms to Aug. 12. "The commission will continue exploring other remedies for the broader marketplace...

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