Vital Statistics:
Last
|
Change
|
Percent
|
|
S&P Futures
|
1690.2
|
4.4
|
0.26%
|
Eurostoxx Index
|
2921.3
|
-6.1
|
-0.21%
|
Oil (WTI)
|
103.1
|
0.4
|
0.40%
|
LIBOR
|
0.248
|
0.001
|
0.20%
|
US Dollar Index (DXY)
|
80.51
|
0.179
|
0.22%
|
10 Year Govt Bond Yield
|
2.65%
|
0.02%
|
|
Current Coupon Ginnie Mae TBA
|
105.6
|
0.0
|
|
Current Coupon Fannie Mae TBA
|
104.7
|
0.0
|
|
RPX Composite Real Estate Index
|
200.7
|
-0.2
|
|
BankRate 30 Year Fixed Rate Mortgage
|
4.29
|
Markets are
higher after initial jobless claims came in at 305k, better than expected and
second quarter QDP was revised downward to 2.5%. Personal Consumption
Expenditures increased 1.8%. Bonds and MBS are down small.
New Home Sales
increased at a 421k pace in August, in line with expectations. This is an
increase from July but still on the low side for 2013. Household net worth
increased by 1.3 trillion in the second quarter and is now 6 times disposable
personal income.
The RealtyTrac
August Residential and foreclosure sales report reports that the national medial sales
price rose 3% to $175,000, which is a 6 pct increase from a year ago. The
median distressed price was $116,000, up 1 percent from a month ago, but down
3% from a year ago. This decline in the price of distressed properties is
relatively new and bears watching. All cash purchases represented 45% of all
residential sales in August, up from 39% in July and 30% a year ago. No wonder
the mortgage banking business is struggling - the refi boom is over, and the
percent of puchase business with a mortgage is falling as well.
Brent Nyitray, CFA
IDirect Home Loans
Dellacamera Capital Management
1010 Washington St, 6th floor
Stamford CT 06901
T: 203-817-3614
C: 917-841-4938
AIM bnyitray
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