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Pending home sales posted a solid increase for the second straight month in September, more than doubling analysts' expectations. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 108.7 from 107.3 the previous month, a gain of 1.5 percent. The results were 3.9 percent higher than in August 2018 and marked the fourth time the index increased in the last five months. The PHSI, a measure of contracts signed for the purchase of existing homes, is a leading indicator of future sales. Contracts are generally expected to become final within one to two months. The PHSI increased by 1.6 percent in August and analysts, while primarily expecting sales to increase, had forecast in a range of -0.8 percent to a 1.0 percent gain. The consensus of those polled
Housing News
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Pending home sales posted a solid increase for the second straight month in September, more than doubling analysts' expectations. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 108.7 from 107.3 the pr... (read more)
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MBS Commentary
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Yesterday saw the bond market sell off in a fairly frustrating way. Granted, there was some justification for the initial overnight weakness courtesy of an approved Brexit extension, but it was actually the DOMESTIC bond market that sold off mo... (read more)
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Housing News
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Rapid price gains, long dominated by cities in the West, appear to be shifting to the Southeast, at least those reflected in the S&P CoreLogic Case-Shiller indices. The report for August notes that Las Vegas is no longer among the top three metro... (read more)
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Rob Chrisman
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As noted in the commentary very early yesterday, a shade ahead of the actual details, the big news was the HUD/DOJ/False Claims Act announcement. Cutting “to the chase,” it prompted one CEO of a small non-bank lender to write me saying, &... (read more)
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Housing News
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The U.S. Departments of Justice (DOJ) and Housing and Urban Development (HUD) issued a joint Memorandum of Understanding (MOU) on Monday setting out the appropriate use of the False Claims Act (FCA). The FCA, also known as the Lincoln Law, was enacte... (read more)
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Mortgage Rate Watch
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You may have heard that the Federal Reserve is highly likely to cut rates this week. That is true. It's happening tomorrow . It would be a big surprise for financial markets if the Fed did NOT cut rates at this point. You may be wondering if this mea... (read more)
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