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Wednesday: Existing Home Sales

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Wednesday: Existing Home Sales

From Matthew Graham at Mortgage News Daily: Rates Fall Slightly to Remain Near 8-Month Lows Mortgage rates were steady to slightly lower today, with underlying bond markets essentially erasing the damage seen yesterday.  This was neither here nor there for the mortgage world as most lenders didn’t adjust rates much higher yesterday (despite bond weakness).  Thus,...
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Schedule for Week of June 18, 2017

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Schedule for Week of June 18, 2017

The key economic reports this week are New and Existing Home sales for May. —– Monday, June 19th —–No major economic releases scheduled. —– Tuesday, June 20th —–No major economic releases scheduled. —– Wednesday, June 21st —–7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 10:00...
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Oil Rigs: “Smallest four week add since last year”

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Oil Rigs: “Smallest four week add since last year”

A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 16, 2017: • The party’s over.  Oil prices are beginning to weigh on drilling activity. • Total US oil rigs were up 6 to 747 • However, only 1 new horizontal oil rig was added, and only 3 in the last...
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Sunday Night Futures

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Sunday Night Futures

Weekend:• Schedule for Week of June 18, 2017 From CNBC: Pre-Market Data and Bloomberg futures: S&P futures are up 6 and DOW futures are up 40 (fair value). Oil prices were down over the last week with WTI futures at .84 per barrel and Brent at .13 per barrel.  A year ago, WTI was...
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Lawler: Reasonable Population Projections Are Important!

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Lawler: Reasonable Population Projections Are Important!

From housing economist Tom Lawler: Reasonable Population Projections Are Important! One of the key variables analysts look at in attempting to project such things as housing demand, labor force growth, government “entitlement” spending, and a host of other key “macro” indicators is the projected population — not just (or even mainly) the total population,...
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FOMC Projections and Press Conference Link

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FOMC Projections and Press Conference Link

Statement here. 25 bps rate hike. Yellen press conference video here. On the projections, projections for GDP in 2017 narrowed slightly. GDP projections of Federal Reserve Governors and Reserve Bank presidents Change inReal GDP1 2017 2018 2019 June 2017  2.1 to 2.2 1.8 to 2.2 1.8 to 2.0 Mar 2017 2.0 to 2.2 1.8 to 2.3 1.8...
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Q2 GDP Forecasts

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Q2 GDP Forecasts

From Merrill Lynch: We revised down our official 2Q GDP forecast to 2.5%, essentially marking-to market. 1Q is tracking a tenth higher to 1.1%. From the Altanta Fed: GDPNow The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 3.0 percent on June 9, down...
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Schedule for Week of June 11, 2017

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Schedule for Week of June 11, 2017

The key economic reports this week are May Housing Starts, Retail Sales and the Consumer Price Index (CPI). For manufacturing, May industrial production, and the June New York, and Philly Fed manufacturing surveys, will be released this week. The FOMC meets this week and is expected to announce a 25bps increase in the Fed Funds rate. —– Monday,...
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CoreLogic: “3.1 million Homes were still in negative equity” at end of Q1 2017

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CoreLogic: “3.1 million Homes were still in negative equity” at end of Q1 2017

From CoreLogic: CoreLogic® Reports Nearly 9 Million Borrowers Have Regained Equity Since the Height of the Crisis in 2011 Rising home prices led to improvements in home equity, with 91 thousand residential properties regaining equity in Q1 2017. The number of mortgaged residential properties with equity is now at 48.2 million. An additional 0.6...
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CoreLogic: House Prices up 6.9% Year-over-year in April

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CoreLogic: House Prices up 6.9% Year-over-year in April

Notes: This CoreLogic House Price Index report is for April. The recent Case-Shiller index release was for March. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA). From CoreLogic: CoreLogic US Home Price Report Shows Prices Up 6.9 Percent in April 2017 Home prices nationwide, including distressed sales,...
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