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September 2009 - MND NewsWire



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  • OCC: Loan Modifications Rising Faster than Delinquencies?

    by Jann Swanson on September 30 2009, 2:07 PM

    The Office of Thrift Supervision and the Office of Comptroller of the Currency reported on Tuesday that mortgage delinquencies and foreclosures are still rising but efforts to keep borrowers in their homes are increasing at an even faster pace.
  • Mid-Day Recap: Stocks Sell After Weak PMI Read. Reverse Course Following Oil Rally

    by Patrick McGee on September 30 2009, 11:30 AM

    The stock market turned ugly this morning after an index from the windy city reported that business conditions were back in the red. An earlier report indicating that the labor market was worse than forecasts in September had laid the groundwork for the sell-off. Within a few minutes all three indexes fell more than 1%, and by 11:30 the S&P 500 was down 0.77% to 1,052, the Dow was trading 0.77% lower to 9,671, while the Nasdaq was down 0.66% to 2,109. However, shortly thereafter commodities prices began to rally and stocks bounced off a key technical support level, recovering almost all of the intraday losses.
  • MBA: Mortgage Rates Hold Below 5.00%. Loan Demand Falls

    by Patrick McGee on September 30 2009, 8:21 AM

    Mortgage rates remained below 5% for the second week in a row, yet the low rates fail to spur increased appetite for refinancing, new loans, or purchases, an industry survey said Wednesday. The Mortgage Bankers Association said the average rate for a 30-year mortgage fell three basis points to 4.94% in the week ending September 25 ― the lowest rate since early May. Yet, even with the $8,000 tax credit for first-time home purchasers expiring soon, loan applications decreased by 2.8% in the week.
  • The Day Ahead: ADP Jobs, GDP, Chicago PMI

    by Patrick McGee on September 30 2009, 8:10 AM

    It’s one day before the start of the fourth quarter and global stock markets are rallying. US equity futures are looking to erase yesterday’s losses, and with appetite for stocks back in favor the US dollar is weaker this morning, though Treasury yields are lower across the curve. The main events today are the ADP private jobs survey, a regional business index from the midwest, and a speech from Dennis Lockhart (president of the Atlanta Fed).
  • Fannie Mae's Portfolio Unchanged in August. Delinquencies Rising at Faster Rate

    by Matthew Graham on September 29 2009, 2:31 PM

    In their monthly summary, Fannie Mae today said their retained portfolio was unchanged at $779.4 billion in August of 2009. This follows an 18.2% contraction in July and brings Fannie Mae's year to date portfolio growth to a rate of -1.5%. Last week Freddie Mac reported their retained portfolio contracted by almost 30% to $779.4 billion in August. Year over year Freddie Mac's portfolio has shrunk by 4.7%
  • Mid-Day Recap: Stocks Flat After Weak Consumer Confidence Data

    by Patrick McGee on September 29 2009, 12:45 PM

    After an unexpected drop in consumer confidence spurred on a stock sell-off this morning, all three equity indexes are clawing their way back to unchanged. As of 1:30 eastern, the S&P 500 is up 0.09% to 1,063, the Dow is trading 0.01% lower at 9,779, and the NASDAQ is 0.04% lower at 2,129.
  • Case-Shiller: 18 of 20 Cities Report Higher Home Prices in July

    by Patrick McGee on September 29 2009, 9:48 AM

    Home prices continued to stabilize in 18 of the 20 metropolitan areas surveyed in July, an industry survey showed Tuesday. Thirteen of the 20 metro areas have seen prices increase for three or more consecutive months, indicating that the deflationary spiral in the housing market has likely come to an end. (Well, assuming you don't live in Las Vegas...)
  • The Day Ahead: Home Price Index, Consumer Confidence, Retail Surveys, Fed Speakers

    by Patrick McGee on September 29 2009, 8:14 AM

    Stock prices are trading lower this morning after yesterday’s blistering 1.78% gain. Commodity prices are mixed with oil slightly above $66, well below a recent peak of $74, but still almost a third higher than one year ago. The US$ is a tad higher on a trade-weighted basis, while the euro remains soft. Yields on the benchmark 10-year Treasury are down four basis points to 3.28%. The Tuesday schedule brings a variety of flavors to the market’s menu. Second-tier retail reports should give a sense of how consumption is holding up as September comes to a close; a key look at home prices is expected to indicate that the long deflationary spiral has hit a bottom; the consumer confidence report will say present conditions remain soft but expectations are rising; and two officials from the Federal Reserve assess the economic outlook.
  • Mid-Day Recap: Equities Close to Erasing All of Last Week's Losses

    by Patrick McGee on September 28 2009, 12:06 PM

    US equities were quick out of the gate on Monday morning. In just a few hours stocks have came close to erasing all of last week’s losses. As of 1pm, the NASDAQ is trading 2.16% higher at 2,136, the S&P 500 is up 1.74% to 1,063, and the Dow is up 1.42% to 9,802.
  • The Week Ahead: Employment, Home Prices, Income, Manufacturing

    by Patrick McGee on September 28 2009, 9:20 AM

    Markets are looking optimistic this morning ahead of an insanely busy week. Monday begins slowly with no major macroeconomic data on the schedule, but later in the week are key industry surveys, the monthly employment numbers, critical spending figures, plus housing prices and a variety of speeches from the Federal Reserve Board. The S&P 500 dropped a heavy 2.2% last week, and moves in either direction could be even more dramatic this week, if data surprises.
  • Mid-Day Recap: Data Disappoints. Stocks Weaker for Third Straight Session

    by Patrick McGee on September 25 2009, 11:19 AM

    Weak orders for durable goods and a soft advance in new home sales have contributed to a lackluster performance in equity markets today. While a boost to consumer sentiment was able to help stocks recovery from a disappointing open, the gains were temporary. As of 1:00pm, all three indexes appeared to be ending the week on a low note. The NASDAQ is down 0.94% to 2,087, followed by a 0.82% decline in the S&P 500 to 1,042 and a 0.58% slide in the Dow to 9,652.
  • New Home Sales +0.7% in August. Regional Results Mixed

    by Patrick McGee on September 25 2009, 10:39 AM

    New home sales increased for the fifth straight month in August, but the 0.7% gain didn’t match the median estimate of +1.6%. The annual pace of sales is now 429,000, or 3.4% below the August 2008 rate. Not only were sales lower than expected, they were also so lopsided that only one of the four areas even experienced growth. Sales in the West jumped 12.1%, but sales fell 16.3% in Northeast and 5.8% in the Midwest, while activity in the South was flat.
  • The Day Ahead: Durable Goods, New Home Sales, G-20

    by Patrick McGee on September 25 2009, 8:02 AM

    Equity futures are looking slightly up in anticipation of some major data releases this morning. Global markets have been mixed, while the US$ is stronger and Gold is once again below $1,000 per ounce. Today’s schedule includes Durable Goods, New Home Sales, and Consumer Sentiment. In addition, headlines from the G-20 summit in Pittsburgh could shake up the afternoon. One headline so far has been of particular importance for emerging nations. The White House stated earlier that the Group of 20 will become “the permanent council for international economic cooperation,” thereby supplanting the G8.
  • Mid-Day Recap: Equities Weaker After Housing Data

    by Patrick McGee on September 24 2009, 11:03 AM

    All three equity indexes have extended yesterday’s late day weakness into today. After a modest open, the S&P is trading near the lows of the day, down 1.18% to 1048 after a worse-than-anticipated housing report. As of 1:45 pm, shares in the NASDAQ are worse off with a 1.47% slide to 2,100, while the Dow has lost 64 points, or 0.66%, to 9,684.
  • Existing Home Sales Unexpectedly Slide in August

    by Patrick McGee on September 24 2009, 10:42 AM

    The National Association of Realtors said sales of existing homes fell 2.7% in August, pushing the annual rate to 5.10 million units from 5.24 million in July. Compared to 12 months ago that pace is up 3.4%, but analysts were expecting a 2.1% boost this month due to low mortgage rates and the soon-expiring tax credit for first-time homeowners. The monthly slide in the index, which tracks sales of single-family homes, town homes, condominiums and co-ops, follows four months of gains that saw a cumulative 15.2% gain in sales.
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