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Residential construction resumed its upward trend after a brief pause in August. The U.S. Census Bureau and Department of Housing and Urban Development reported that all three measures of construction, permitting, housing starts, and unit completions, increased in September. Permits for privately owned residential construction were issued at a seasonally adjusted annual rate of 1,553,000, up by 5.2 percent from the 1,476,000-unit annual rate (revised from 1,416,000) in August. The increase from the previous September's rate of 1,437,000 units was 8.1 percent. Analysts had expected permits to recover from their slight (0.9 percent) downturn in August but those polled by Econoday had a consensus of only 1,451,000 units. Even the high end of their 1,375,000 to 1,500,000 forecast range was well
Housing News
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Residential construction resumed its upward trend after a brief pause in August. The U.S. Census Bureau and Department of Housing and Urban Development reported that all three measures of construction, permitting, housing starts, and unit completions... (read more)
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Mortgage Rate Watch
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For some unknown reason, there were additional articles over the weekend touting " all-time low mortgage rates." Underpinning these alleged rates is primary data that was released on Wednesday and Thursday last week. In short, the two weekly survey-b... (read more)
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Housing News
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While applications for new home purchase mortgages jumped in September, the Mortgage Bankers Association (MBA) expects only modest changes in the September sales data. MBA's Builder Application Survey (BAS) data shows mortgage applications for new ho... (read more)
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Housing News
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For only the second time in its 35-year history, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) topped 80 this month. The first time was in September. The index, a measure of builder confidence in the market f... (read more)
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Rob Chrisman
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Fifteen days until the election! How many days would it take you, or the company that employs you, to save up $11 million? In my discussions with CEOs, they are more concerned about how the election may impact the future regulatory environment than i... (read more)
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MBS Commentary
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Bearish Bond Trend Continues
Looking back at MBS or Treasuries over the past few weeks reveals a clear termination of a rally trend at the end of September and a similarly well-established bearish trend throu... (read more)
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