Steve Reed Benchmark Home Loans

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2014 

This morning’s economic reports seemed to have little impact on Mortgage Backed Securities. Q2 Gross Domestic Product (GDP) reported at 4.2 percent vs. the 4.0 percent estimate. GDP Chain Deflator reported at 2.1 percent vs. the estimate of 2.0 percent. Initial Jobless Claims slightly missed the ...
08/28/2014
With no economic reports due for release and the recent run up in stocks, bonds have drifted higher this morning. DOW, Nasdaq and S&P all opened lower. With little to catapult markets in any direction, due to low volumes on Wall Street in this last week of summer, it is expected to be a flat trad...
08/27/2014
Economic reports were mixed this morning. Durable Goods Orders for July were much better than expected at 22.6% vs. 7% estimate. Durable Goods Ex-Auto reported a 0.8% drop vs. the +0.6% estimate. The difference was due to a large order for Boeing aircrafts, while other industry bookings fell shor...
08/26/2014
New Home Sales disappointed with 412K vs. the 427K estimate, a revision of the previous report updated numbers from 406K to 422K. Markets had little reaction to the release, in this light volume week. Many Wall Street players are on vacation this week, enjoying the big last summer weekend. Econom...
08/25/2014
U.S. Federal Reserve Chair Janet Yellen spoke this morning from Jackson Hole, WY. She said the U.S. is getting closer to the Fed objectives, but it is still hard to gauge the labor market slack. With a rise in involuntary part time workers, unemployment numbers could be more cyclical. While econo...
08/22/2014
The Mortgage Bankers Association reported that its Market Composite Index, a measure of total loan application volume, rose by 1.4% in the latest week as home loan rates continue to hover near 12-month lows. However, the purchase index fell by 0.4% and continue to disappoint with low numbers desp...
08/20/2014
The housing sector received positive news today signaling that the recovery may be back on track after stalling in the second half of last year. The Commerce Department reported that July Housing Starts surged by nearly 17% from June to an annual rate of 1.093 million units, above the 964,000 tha...
08/19/2014
Government sponsored entity Fannie Mae released its August 2014 Economic and Housing Outlook today revealing that the rebound in 2nd quarter growth (Gross Domestic Product/GDP), has provided some lift to 2014 full year growth. Fannie Mae sees 3% GDP for the 2nd half of 2014, raising full year gui...
08/18/2014
Analytics firm CoreLogic reported this week that the share of cash sales of homes across the nation continues to decline. Cash sales made up 34.4% of total home sales in May, down from 36.9% recorded in April. In May of 2013, cash sales made up 37.4%. CoreLogic went on to say that the share has f...
08/15/2014
RealtyTrac reported on Thursday that foreclosures of all types increased by 2% from June to July, which covers default notices, scheduled auctions and bank repossessions. The report revealed that one out of every 1,203 homes across the nation had a foreclosure filing in July. However, filings are...
08/14/2014
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