June 2009 - MND NewsWire

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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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Fannie Mae Expands Portfolio, Delinquencies Rising

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by Patrick McGee on June 30 2009, 10:02 AM

Fannie Mae, the mortgage goliath taken under government control last September, yesterday announced that its portfolio expanded by an annual rate of 35.1% in May, marking a stark contrast to the 19.2% decline in April. In its summary of monthly highlights...
Case-Shiller Says Pace of Home Price Declines Slowed in April

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by Patrick McGee on June 30 2009, 9:52 AM

Contrary to expectations, the rapid decline of home prices showed signs of stabilization in April, according to the Case-Shiller Home Price Index, the most influential recorder of prices. The 10-city composite index, which looks at ten major metropolitan...
The Week Ahead: Holiday Shortened Calendar

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by Patrick McGee on June 29 2009, 2:03 AM

The transition from June to July offers a packed schedule for investors. No data comes out Monday and Friday is a holiday, but the three days in between present key data and numerous speeches covering all fronts of the economy. The S&P 500 has gained...
Mid-Morning Recap: Stocks Fail to Rise Despite Gains in Income, Sentiment

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by Patrick McGee on June 26 2009, 10:43 AM

Despite reports of higher income and improving consumer confidence, markets are off to a rough start on Friday morning with all three indexes in the red an hour into the trading session. Leading the decline is the 0.36% drop in the Dow to 8442, while...
New Home Sales Stagnate. April Revisions Mitigate May Decline

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by Patrick McGee on June 24 2009, 10:34 AM

News was mixed for the real estate market this morning. Sales of new single-family homes fell 0.6% in May, in contrast to expectations of a 2.3% increase. By itself, that would be awful news, but revisions to April told the opposite story: the original...
Mortgage Applications Rebound as Rates Stabilize

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by Patrick McGee on June 24 2009, 8:06 AM

Loan applications for mortgages increased last week for the first time in a month, as average rates for a 30-year fixed rate mortgage edged downwards, a weekly report said Wednesday. Demand for applications advanced 6.6% in the week ending June 19, according...
GSE Loan Modifications Increase. Prime Borrowers Falling Further Behind

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by Adam Quinones on June 23 2009, 5:40 PM

The Federal Housing Finance Agency (FHFA) today released first quarter foreclosure prevention data for Fannie Mae and Freddie Mac. Total foreclosure prevention actions (including loan modifications) totaled 86,600, 20 percent more than the previous quarter...
Mid-Morning Recap: Sell-Off Extends into Tuesday

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by Patrick McGee on June 23 2009, 11:20 AM

Stocks have been extremely volatile Tuesday morning, and after opening higher all indexes are negative 90 minutes into the trading session. The Dow is leading the decline with a 0.53% drop to 8294, while the Nasdaq is 0.50% lower at 1757, and the S&P...
Sales of Existing Homes Hurt by Poor Appraisals

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by Patrick McGee on June 23 2009, 11:08 AM

Sales of existing homes saw their first back-to-back increase in nearly four years last month, but while the percentage gain in May was encouraging, the actual level of sales was lower than expected due to downward revisions. The pace of all existing...
MBA Reduces Origination Outlook Again. Offers Variety of Expectations

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by Adam Quinones on June 22 2009, 4:13 PM

In its monthly mortgage finance forecast, the Mortgage Bankers Association (MBA) lowered its forecast for mortgage originations in 2009 to $2.03 trillion today. This is the fourth consecutive month the MBA has reduced its outlook for total mortgage originations...
Mid-Morning Recap: Big Sell-Off as World Bank Downgrades Growth

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by Patrick McGee on June 22 2009, 10:58 AM

Investor sentiment began the week with a rapid downward slide after the World Bank released new forecasts severely downgrading the prospects for a global recovery. The world economy remains "unusually uncertain" and is now expected to shrink...
Freddie Mac: Inflation Data Sends Rates into Retreat

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by Jann Swanson on June 18 2009, 12:13 PM

Freddie Mac's Primary Mortgage Market Survey for the week ended June 18 showed significant decreases in all mortgage products although they are still above the record low territory of late spring. The 30-year fixed rate mortgage (FRM) dropped to 5...
Mid-Morning Recap: Data is Encouraging, Market Response Limited

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by Patrick McGee on June 18 2009, 11:11 AM

Stocks opened on par with yesterday’s close but have since climbed higher on encouraging data reports. A weekly labor report showed mixed results, a regional manufacturing report showed significant improvement, and the leading indicators index improved...
Mid-Morning Recap: Stocks Struggling Ahead of Obama's Announcement

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by Patrick McGee on June 17 2009, 11:05 AM

The S&P 500 fell 3.6% on Monday and Tuesday, and with a new regulatory framework being introduced this afternoon markets are hesitant to go against the herd, as losses extend across the board. Ninety minutes into the session, the S&P has fallen...
Mortgage Applications:Demand for Refinancing Shrinks, MBA Says

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by Patrick McGee on June 17 2009, 7:25 AM

Demand for mortgages plummeted last week, pushing the index tracking mortgage applications down to a seven month low, even as average rates for a 30-year fixed mortgage moderated, a weekly report said Wednesday. Loan applications decreased 15.8% in the...

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