Vital Statistics:
|
Last
|
Change
|
Percent
|
|
|
S&P Futures
|
1669.2
|
1.5
|
0.09%
|
|
Eurostoxx Index
|
2919.6
|
-3.5
|
-0.12%
|
|
Oil (WTI)
|
103.5
|
0.4
|
0.43%
|
|
LIBOR
|
0.244
|
0.000
|
0.10%
|
|
US Dollar Index (DXY)
|
79.98
|
0.034
|
0.04%
|
|
10 Year Govt Bond Yield
|
2.65%
|
0.02%
|
|
|
Current Coupon Ginnie Mae TBA
|
105.5
|
0.0
|
|
|
Current Coupon Fannie Mae TBA
|
104.9
|
-0.1
|
|
|
RPX Composite Real Estate Index
|
200.7
|
-0.2
|
|
|
BankRate 30 Year Fixed Rate Mortgage
|
4.27
|
Markets are
flattish this morning on no real news. Bonds and MBS are down. Earnings season
kicks off after the close with Alcoa.
China and Japan
are warning the US not to default on its debt.
China holds just under 1.3 trillion of US Treasuries. Beijing warned that
"the clock is ticking" and urged Washington to get its act together
to "ensure the safety of the Chinese investments." The White
House says it is open to a
short-term increase in the debt ceiling, which may allow us to kick the debt
ceiling can to the end of the year while we figure out the government shutdown.
However, both sides are dug in, with the White House insisting on a clean debt
ceiling increase, and John Boehner insisting that some spending cuts have to be a part of any
deal.
Corelogic is reporting there
were 48,000 completed foreclosures in August, down 34% year-over-year and up
1.3% from July.The shadow inventory is estimated to be 1.9 million homes. 2.1
million mortgages, or 5.3% of all mortgages are seriously delinquent, the
lowest level since November 2008. The Northeast, Florida, and Nevada have the
highest foreclosed inventory.
Corelogic also
released its 2013 mortgage
fraud report. They estimated that $10.5 billion of mortgage applications
had fraudulent information in the first half of 2013. The mortgage fraud index
decreased 5.6% nationally on a year-over-year basis. They identify six types of
fraud - employment, identity, income, occupancy, property, and undisclosed
debt. Income fraud is the highest risk, while property fraud is the
lowest.
Chart: NFIB Small Business Optimism Index
The National
Federation of Independent Businesses say
that optimism fell in
September as pessimism about future business conditions increased. Small
business optimism is still well below pre-crisis levels. Keep this in mind when
you start hearing blowout earnings numbers from the S&P 500 companies. Many
of them are overseas earning stories and you shouldn't draw too many
conclusions from their strength.
Brent Nyitray, CFA
Dellacamera Capital Management
iDirect Home Loans
1010 Washington St, 6th floor
Stamford CT 06901
T: 203-817-3614
C: 917-841-4938
AIM bnyitray
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