existing home sales
Existing home sales continue upward march
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The steady march for existing-home sales continued for the second
Pending Home Sales Post 5th Straight Loss
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Posted To: MND NewsWire

January marked the fifth straight month that the National Association of Realtors® (NAR) has reported a decline in its Pending Home Sales Index (PHSI). The index, based on newly signed contracts for the purchase of existing homes, was down 2.8 percent from its December level. The index in January was at 122.8 compared to 125.5 in December and has lost 10 points since August. Still, pending sales were up 13 percent compared to a year earlier. This January's PHSI was, in fact, the highest for any January on record. Analysts had expected the index to be flat but individual estimates by those polled by Econoday all overshot the actual results. They covered a range from a 1.5 percent downturn to 0.5 percent growth. The consensus was for zero change. "Pending home sales fell in January because...(read more)

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Existing Home Sales Hit 14-Year High in 2020
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Sales of existing homes totaled 5.64 million units last year, the highest since 2006. So reports CNBC. According to the National Association of Realtors, Dec
MBS Day Ahead: Bond Bears Refusing To Hibernate; How Bad Could It Get?
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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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MBS RECAP: Surprisingly Swift Selling in The Bond Market; What’s Next?
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Posted To: MBS Commentary

Surprisingly Swift Selling in The Bond Market; What's Next? This week has been one of the most surprising selling sprees in bonds in the post-covid era. Just when you think we've surely seen enough selling to bring buyers in, it's right back to new long-term high yields and significantly lower MBS prices. That bounce is coming, to be sure, but it's a risky proposition to bet on it. Moreover, when it happens, it changes nothing about the broader trend toward higher yields that's been intact for more than 6 months. This week just happens to offer a more abrupt adjustment to the pace of that trend. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Markit PMI Composite 58.8 vs 58.7 prev Existing Home Sales 6.69m vs 6.61m f'cast, 6.65m prev Market Movement Recap 08:28 AM...(read more)

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Existing Home Sales Rise, But Inventories Hamper Results
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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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U.S. Existing Home Sales Rise in January as Buyers ‘Snatch Up’ Any New Listings
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Economists think that low mortgage rates will continue to boost housing demand in coming months.

The post U.S. Existing Home Sales Rise in January as Buyers ‘Snatch Up’ Any New Listings appeared first on Real Estate News & Insights | realtor.com®.

MBS RECAP: No Easy Answers Today; Still Anyone’s Game
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Posted To: MBS Commentary

No Easy Answers Today; Still Anyone's Game Bonds were weaker earlier in the trading session but rallied back mid-morning before coasting mostly sideways into the close. Bond bulls were frustrated by the inability to break the floor at 1.27-1.28% in 10yr yields. Bond bears were frustrated by the clear unwillingness to explore new highs compared to yesterday. In other words, it was an "inside day" with lower highs and higher lows, and part of a 2-day consolidation following the highest yields in 11+ months. Such consolidations can be preludes to big bounces OR renewed selling pressure. There weren't any major clues in today's session about which side is going to win. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Jobless Claims 861 vs 765 f'cast, 848k prev Import...(read more)

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MBS RECAP: No Easy Answers Today; Still Anyone’s Game
By admin | |

Posted To: MBS Commentary

No Easy Answers Today; Still Anyone's Game Bonds were weaker earlier in the trading session but rallied back mid-morning before coasting mostly sideways into the close. Bond bulls were frustrated by the inability to break the floor at 1.27-1.28% in 10yr yields. Bond bears were frustrated by the clear unwillingness to explore new highs compared to yesterday. In other words, it was an "inside day" with lower highs and higher lows, and part of a 2-day consolidation following the highest yields in 11+ months. Such consolidations can be preludes to big bounces OR renewed selling pressure. There weren't any major clues in today's session about which side is going to win. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Jobless Claims 861 vs 765 f'cast, 848k prev Import...(read more)

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Why rising rates aren’t necessarily bad news for the mortgage business
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Loan Officers can sometimes talk about a rate hikes in