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Mortgage Equity Withdrawal Negative in Q1

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Mortgage Equity Withdrawal Negative in Q1

Note: This is not Mortgage Equity Withdrawal (MEW) data from the Fed. The last MEW data from Fed economist Dr. Kennedy was for Q4 2008. The following data is calculated from the Fed’s Flow of Funds data (released last week) and the BEA supplement data on single family structure investment. This is an aggregate...
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ISM Non-Manufacturing Index increased to 56.9% in May

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ISM Non-Manufacturing Index increased to 56.9% in May

The May ISM Non-manufacturing index was at 56.9%, up from 55.5% in April. The employment index increased to 58.1%, from 53.7%. Note: Above 50 indicates expansion, below 50 contraction. From the Institute for Supply Management: May 2019 Non-Manufacturing ISM Report On Business® Economic activity in the non-manufacturing sector grew in May for the 112th...
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Construction Spending Mostly Unchanged in April

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Construction Spending Mostly Unchanged in April

From the Census Bureau reported that overall construction spending was mostly unchanged in April: Construction spending during April 2019 was estimated at a seasonally adjusted annual rate of ,298.5 billion, nearly the same as the revised March estimate of ,299.2 billion. The April figure is 1.2 percent below the April 2018 estimate of ,314.7...
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Schedule for Week of June 2, 2019

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Schedule for Week of June 2, 2019

The key report scheduled for this week is the May employment report. Other key reports include the ISM Manufacturing and non-manufacturing surveys, Vehicle Sales and the Trade Deficit for April. Fed Chair Jerome Powell speaks on Tuesday, and the Fed’s Q1 Flow of Funds report will be released on Thursday. —– Monday, June 3rd...
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Thursday: GDP, Unemployment Claims, Pending Home Sales

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Thursday: GDP, Unemployment Claims, Pending Home Sales

Thursday:• At 8:30 AM ET, The initial weekly unemployment claims report will be released.  The consensus is for 215 thousand initial claims, up from 211 thousand last week. • At 8:30 AM, Gross Domestic Product, 1st quarter 2019 (Second estimate). The consensus is that real GDP increased 3.0% annualized in Q2, down from the...
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Tuesday: Case-Shiller House Prices

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Tuesday: Case-Shiller House Prices

Tuesday:• At 9:00 AM, S&P/Case-Shiller House Price Index for March. The consensus is for a 2.5% year-over-year increase in the Comp 20 index for March. • At 9:00 AM, FHFA House Price Index for March 2019. This was originally a GSE only repeat sales, however there is also an expanded index. • At 10:30...
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Schedule for Week of May 26, 2019

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Schedule for Week of May 26, 2019

The key reports this week are the second estimate of Q1 GDP, Case-Shiller house prices, and Personal Income and Outlays for April. For manufacturing, the May Dallas and Richmond Fed manufacturing surveys will be released. —– Monday, May 27th —–All US markets will be closed in observance of Memorial Day. —– Tuesday, May 28th...
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“Mortgage Rates Drop Quickly as Market Panic Sets In”

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“Mortgage Rates Drop Quickly as Market Panic Sets In”

We could see a 3 handle for mortgage rates tomorrow. From Matthew Graham at Mortgage News Daily: Lowest Mortgage Rates in More Than a Month Mortgage rates dropped quickly today as global financial markets underwent a volatile shift. When money is flowing out of stocks and into bonds (as it was today) rates move...
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Wednesday: FOMC Minutes

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Wednesday: FOMC Minutes

Wednesday:• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. • During the day, The AIA’s Architecture Billings Index for April (a leading indicator for commercial real estate). • At 2:00 PM, FOMC Minutes, Meeting of April 30-May 1, 2019 Calculated Risk
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Sunday Night Futures

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Sunday Night Futures

Weekend:• Schedule for Week of May 19, 2019 Monday:• 8:30 AM ET, Chicago Fed National Activity Index for April. This is a composite index of other data. From CNBC: Pre-Market Data and Bloomberg futures: S&P 500 are up 8 and DOW futures are up 88 (fair value). Oil prices were up over the last...
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