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The hot home sales market continued unabated in October. The National Association of Realtors® (NAR) reports that existing home sales grew for the fifth consecutive month and 72 percent of homes that sold were on the market for less than a month. Single-family houses, townhouses, condos, and cooperative apartments sold in October at a seasonally adjusted annual rate of 6.85 million units. This was an increase of 4.3 percent from the September pace and 26.6 percent above the rate of 5.41 million sales in October 2019. Single-family home sales rose 4.1 percent to a seasonally adjusted annual rate of 6.12 million, up from 5.88 million in September. This was 26.7 percent above the pace a year earlier. The annual sales rate for existing condominium and co-ops was up 5.8 percent and 25.9 percent
Housing News
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The hot home sales market continued unabated in October. The National Association of Realtors® (NAR) reports that existing home sales grew for the fifth consecutive month and 72 percent of homes that sold were on the market for less than a month.... (read more)
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MBS Commentary
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Tame Trading Day Leaves Outlook Intact
The bond market has been in a bullish consolidation pattern since last Monday and today's trading activity did little to change that. In fact, it did nothing to ch... (read more)
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Mortgage Rate Watch
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Mortgage rates were little-changed yesterday--a fact that was ultimately at odds with underlying market movement by the end of the day. What does that mean? Simply put, mortgage rates are primarily determined by the trading prices of certain bonds (M... (read more)
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Rob Chrisman
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“Life is like a helicopter. I don’t know how to operate a helicopter.” Remember how exciting it was when the technology of spellcheck came along? (People handwrite “congrats” on cards because they can’t spell &ldqu... (read more)
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Housing News
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Freddie Mac has published research examining the characteristics of borrowers who took advantage of the availability of forbearance plans in the early part of the COVID-19 pandemic. Mortgage forbearance temporarily removes the obligation for borrower... (read more)
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Housing News
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Residential construction data for October was mixed. The U.S. Census Bureau and Department of Housing and Urban Development reported that the rate of permitting flattened and completions declined. Housing starts, usually considered the key number, co... (read more)
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