August 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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Mid-Day Recap: Losses in China Drive U.S. Equities South

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by Patrick McGee on August 31 2009, 10:32 AM

Stocks have had a rough day in the final session of August. After a sell-off in China hurt investor sentiment in Europe, US equity markets opened lower and have failed to bounce halfway through the day. As of 1:30, the NASDAQ is off 1.39% to 2,000, followed...
MBA Ranks Commercial and Multifamily Servicers

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by Jann Swanson on August 28 2009, 12:37 PM

The Mortgage Bankers Association has released their semi-annual report on the largest commercial and multi-family loan servicers. Wells Fargo/Wachovia Bank ranks first as the largest primary and master servicer....
The Week Ahead: Manufacturing Surveys and Jobs Data

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by Patrick McGee on August 31 2009, 8:33 AM

Optimism that the economy is recovering in the third quarter has allowed the benchmark S&P 500 to rebound by 52% since early March, but in the past week markets were unimpressed with fresh data, even though most of it was positive. Analysts said investors...
Fannie Mae's Portfolio Down 18% in July, Delinquencies Rising

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by Patrick McGee on August 28 2009, 10:14 AM

Business at Fannie Mae was recovering mid-way through the summer, though the total value of its portfolio remains down nearly one-fifth, according to a press release on Thursday. The government-sponsored purchaser of mortgages said its Book of Business...
The Day Ahead: Personal Income and Consumer Sentiment

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by Patrick McGee on August 28 2009, 8:21 AM

Stocks are looking to continue the rally from yesterday afternoon, with equity futures pointing upwards between 0.2% and 0.4%. Data at 8:30 could change that, as the Personal Income & Outlays report is one of this week’s key releases. But expectations...
Mortgage Rates Remain Near Summer Lows

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by Jann Swanson on August 27 2009, 3:17 PM

Rates remained close to the summertime lows achieved during the previous week according to information released this morning by Freddie Mac. Both long term mortgage products increased slightly while the 5-year hybrid ARM took a more substantial jump...
Mid-Day Recap: Indifferent Markets Lead to Choppy Trading

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by Patrick McGee on August 27 2009, 10:36 AM

At 1:30 the S&P is 0.44% lower to 1,023, while the Dow is essentially flat, -0.01% to 9,542, and the NASDAQ is -0.87% to 2006. On the debt side of the market the Treasury Department has successfully auctioned $28 billion 7 year notes. Following the...
Treasury Pushing Servicers To Take Preventive Actions

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by Jann Swanson on August 26 2009, 8:41 PM

Some of the lenders and servicers most closely associated with conditions that led to the subprime mortgage meltdown are now in line to receive billions of dollars in incentives to modify mortgages in their portfolios - mortgages that they have appeared...
The Day Ahead: Jobless Claims, 2Q GDP Revision, $28bn Treasury Auction

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by Patrick McGee on August 27 2009, 8:16 AM

Markets spent most of the day in a slumber yesterday, but just before the closing bell a small rally lifted equity indexes to just above par. This morning, investors are holding the market flat, as GDP revisions are expected to show a downward revision...
Mid-Day Recap: Stocks Shrug Off Housing Data, Dip Into Red

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by Patrick McGee on August 26 2009, 11:43 AM

Three economic reports this morning have confirmed that there are pockets of strength in the US economy, but markets are having none of it. Equities were unchanged following a big advance in new orders for durable goods, and a jump in new home sales only...
New Home Sales Jump 9.4% in July

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by Patrick McGee on August 26 2009, 10:37 AM

Data suggesting that the economy is experiencing a broad-based rebound continues to pile in this week, most recently in the housing market. New Home Sales advanced by 9.6% in July, hammering expectations for a 5% increase and following up on a 9.1% advance...
Mortgage Applications Rise Despite Higher Interest Rates

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by Patrick McGee on August 26 2009, 7:26 AM

Average rates for a 30-year mortgage moved upwards last week, but demand for loans ― refinancing or otherwise ― as well as purchases, continued to increase, providing further confirmation that the housing market is stabilizing. The Mortgage Bankers...
The Day Ahead: Gains Expected from Durable Goods, New Home Sales

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by Patrick McGee on August 26 2009, 8:15 AM

Investor sentiment is cautious ahead of the Durable Goods release at 8:30 and the New Home Sales report at 10:00. Equity futures are looking slightly downward, with the S&P 500 down 3 points to 1,023, more than erasing yesterday’s modest 2.4-point...
Mid-Day Recap: Stock Markets Continue Climb

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by Patrick McGee on August 25 2009, 11:28 AM

Consumer confidence is improving and home prices are actually increasing, leading markets to push higher on Tuesday as investors feel more confident that the economy could experience a broad-based rebound. At the 2-hour market in today’s session, the...
NAHB Shuts Down Operations for Week to Save Money

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by Jann Swanson on August 25 2009, 9:47 AM

The National Association of Home Builders has closed its office for the entire week in an effort to cut expenses. The organization will also take an extended holiday during the entire week of Thanksgiving according to a press release on its website....

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