Economy

Existing Home Sales Rise, But Inventories Hamper Results

Posted To: MND NewsWire

Existing home sales started the 2021 with a small increase from the December sale levels, the second consecutive monthly gain. The National Association of Realtors® (NAR) said transactions that include pre-owned single-family homes, townhomes, condominiums, and co-ops, increased 0.6 percent in January to a seasonally adjusted annual rate of 6.69 million units compared to 6.76 million in December. The month’s results are up 23.7 percent from the annual rate of 5.41 million sales in January 2020. Existing home sales have increased in seven of the last eight months, even though pending sales, generally considered a leading indicator for the following one or two existing sales reports, have posted four straight monthly losses. Analysts surveyed by Econoday had expected a slight pull-back in…(read more)

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Mortgage Rates Today, Feb. 13 & Rate Forecast For Next Week – The Mortgage Reports

Mortgage Rates Today, Feb. 13 & Rate Forecast For Next Week  The Mortgage Reports

Mortgage and refinance rates today, February 19, 2021

Today’s mortgage and refinance rates  Finally, average mortgage rates edged lower yesterday. It had been more than a week since the previous fall. And it made up only about one-tenth […]

MBS Day Ahead: Bond Bears Refusing To Hibernate; How Bad Could It Get?

Posted To: MBS Commentary

Given recent temperature trends, we're well within our right to expect actual bears to be in hibernation. How about bond market bears? They've eaten their fill so far this winter–enough that we might expect them to go quietly into the night simply due to oversold technicals. Surely, a visit to the pre-covid all-time lows in 10yr yields would be enough to satisfy bearish appetites, right? Or perhaps that's entirely too obvious and the market will continue to punish traders who try to catch the falling knife (of bond prices) too soon. With apologies for mixing metaphors, today's early price action suggests the knife is still in the air and that the bears are refusing to hibernate just yet. When will this change or what will it take for things to change? Rates have been consolidating…(read more)

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Prevention Measures and Increased Borrower Equity Lower Foreclosure Risk

Posted To: MND NewsWire

The Urban Institute (UI) says the surge in foreclosures predicted as the COVID-19 pandemic drove unemployment to the highest level since the Great Depression may not materialize, even when the current forbearances end. Two UI researchers, Michael Neal and Laurie Goodman, say that even vulnerable homeowners may be spared, and they think they have identified the reasons. Mortgage forbearance rates peaked at 8.55 percent of active mortgage in June 2020 and began to fall when unemployment rates did. Since October, however, both unemployment and forbearance rates have flattened. This has heightened concern that many homeowners could face foreclosure later this year. The authors say about a quarter of the 2.7 million borrowers who remain in forbearance plans are continuing to make their payments…(read more)

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Home Decor – Rents, Home Prices In New York City Drop At Steepest Pace On Record In January – Fintech Zoom

Home Decor – Rents, Home Prices In New York City Drop At Steepest Pace On Record In January  Fintech Zoom

Stock Market Today: Dow Marks New Highs, Tech Makes a Mess

Another big day for energy prices (and a little help from Uncle Warren) sent Chevron higher Wednesday, helping to lift the Dow.

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