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After three straight months of gains, April's new home sales were expected to give back a little and they did. The U.S. Census Bureau said sales of newly constructed homes were at a seasonally adjusted annual rate of 673,000 units, a 6.9 percent decline from March. The retrenchment was made even more likely by a significant upside revision to those March numbers; from 692,000 in the original estimate to 723,000, the highest number in at least a year. Despite April's decline, the month's sales pace is well above that in April 2018, up 7.0 percent from that estimate of 629,000. Analysts had predicted sales would slow to an annual rate between 640,000 and 696,000 units. The consensus of those polled by Econoday was 680,000. On a non-adjusted basis there were 66,000 newly constructed homes sold
Housing News
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After three straight months of gains, April's new home sales were expected to give back a little and they did. The U.S. Census Bureau said sales of newly constructed homes were at a seasonally adjusted annual rate of 673,000 units, a 6.9 percent decl... (read more)
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MBS Commentary
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In the day just passed, bonds rallied somewhat sharply as headlines suggested Theresa May was soon to be ousted as Britain's prime minister. Is it possible that other headlines regarding American politics were having an effect? Maybe to a... (read more)
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Housing News
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The Urban Institute (UI) is urging the Consumer Financial Protection Bureau (CFPB) to rethink its plans for Home Mortgage Disclosure Act (HMDA) reporting. The HMDA, passed in 1975, requires many financial institutions to maintain, report, and publicl... (read more)
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Housing News
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If you stuffed the old certificates in your sock drawer ten years ago, it may be time to dig them out. Mark Calabria, the new director of the Federal Housing Finance Agency (FHFA) says Fannie Mae and Freddie Mac common stock might be worth something ... (read more)
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Rob Chrisman
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As millions around the globe revel in World Turtle Day, others are more interested about what went on the hallway chatter at the MBA’s Secondary Conference as we see the low rates of 2019. How a few of the big banks (Wells, Chase, Flagstar, to ... (read more)
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Mortgage Rate Watch
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Mortgage rates moved higher at a pace that was probably quicker than the average homebuyer would like yesterday . That was part of a 4 day move leading back up from the lowest levels in more than a year (or close to them, depending on the lender). Th... (read more)
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consumerfinancemonitor.com
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