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It was another disappointing month for new home sales , but due entirely to a sharp decline in those sales in the West. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes in May were at a seasonally adjusted annual rate of 626,000 units. This is 7.8 percent below the revised (from 673,000) April rate of 679,000 and 3.7 percent lower than the rate in May 2018 of 650,000 Expectations were for a rebound from April sales after a 6.9 percent downturn from March. Analysts polled by Econoday were looking for results in a range from 649,000 to 710,000 with a consensus of 680,000. On a non-adjusted basis there were 60,000 newly constructed homes sold in May compared to 67,000 in April. On a year-to-date basis, sales are up 4.0 percent at
Housing News
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It was another disappointing month for new home sales , but due entirely to a sharp decline in those sales in the West. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes in May were at a ... (read more)
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MBS Commentary
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In the day just past, bonds returned from the weekend with an unexpected fervor--at least in terms of outright improvement in yields. Looking beneath the gains, we saw limited volume and no fundamental justification for the move. Rather, ... (read more)
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Housing News
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The two sets of price indices released on Tuesday diverged again. The S&P CoreLogic Case-Shiller Indices continue to show declining appreciation while the Federal Housing Finance Agency's (FHFA's) House Price Index (HPI) indicates that price incr... (read more)
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Rob Chrisman
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Guys with an eyepatch and three fingers sell the best fireworks. Who does the best job selling mortgage products to consumers? Regulators, Agencies, and investors have seen the percentage of bank fundings drop and non-bank originations move higher ov... (read more)
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Housing News
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The annual State of the Nation's Housing report from the Joint Center for Housing Studies (JCHS) at Harvard University is the latest vehicle for sounding the alarm about the country's diminishing housing stock and the resulting decline in affordabili... (read more)
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Mortgage Rate Watch
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Mortgage rates were generally flat today, depending on the lender. Some were noticeably better while others were a hair worse. In both cases, rates are very close to the lowest levels since late 2016. Changes from Friday would most likely be measured... (read more)
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