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Mid-Day Recap: Labor Reports Send Markets into Freefall

7/2/2009 10:23 AM

The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contract to widespread expectations. The Bureau of Labor Statistics said 467,000 jobs were lost, pushing the unemployment rate to 9.5%, the highest in 26 years. “The heavy loss of jobs in June is a warning...Read More

The Day Ahead: Markets Hesitant Ahead of Employment Data

7/2/2009 7:16 AM

Markets are edging lower ahead of the 8:30 release of Nonfarm Payrolls. A lot is hanging on this report as many forecasts for the economy are dependent on the direction of the labor market. Many look for signs of stabilization after last month’s downside surprise, but signs of a recovery have been far from evident in the weekly Jobless Claims numbe...Read More

HARP Guidelines Allow for 125% LTV. Originators Still Skeptical

7/1/2009 4:52 PM

The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac owned mortgage loan. Unfortunately due to rising unemployment levels and increasing foreclosure rates, demand for housing has weakened and property values have continued to decline, w...Read More

Mortgage Performance: Fighting Rising Rate of Foreclosures with Loan Modifications

7/1/2009 12:26 PM

A joint report from the OCC and OTS, which includes 64% of all outstanding mortgages, shows that instances of delinquency continued to increase in the second quarter. Particularly of note is the increasing growth rate of delinquencies among loans backed...(Read More

Mixed Data for Real Estate, ISM Index Improves

7/1/2009 9:53 AM

Three data releases at 10:00 failed to sing in tune with each other. A key indicator of output showed some improvement but is still contracting overall, and while contracts for home purchases are on the rise, spending on the construction of new homes it at historic lows....(Read More

Mortgage Applications Nosedive in Late June

7/1/2009 7:49 AM

Demand for mortgage loans simply plummeted in the final week of June, even as mortgage rates once again moderated, according to a weekly industry index. The Mortgage Bankers Association said the Market Composite Index, a measure of loan application volume...(Read More

The Day Ahead: Markets Optimistic Ahead of Big Day

7/1/2009 7:11 AM

The first trading session of the third quarter is a heavy one for markets. Just one day ahead of the June employment figures, markets will get the closely watched ISM Manufacturing Index, the Pending Home Sales Index, the ADP private employment report...(Read More

Fannie Mae Expands Portfolio, Delinquencies Rising

6/30/2009 9:02 AM

Fannie Mae, the mortgage goliath taken under government control last September, yesterday announced that its portfolio expanded by an annual rate of 35.1% in May, marking a stark contrast to the 19.2% decline in April. In its summary of monthly highlights...(Read More

Case-Shiller Says Pace of Home Price Declines Slowed in April

6/30/2009 8:52 AM

Contrary to expectations, the rapid decline of home prices showed signs of stabilization in April, according to the Case-Shiller Home Price Index, the most influential recorder of prices. The 10-city composite index, which looks at ten major metropolitan...(Read More

The Week Ahead: Holiday Shortened Calendar

6/29/2009 7:17 AM

The transition from June to July offers a packed schedule for investors. No data comes out Monday and Friday is a holiday, but the three days in between present key data and numerous speeches covering all fronts of the economy. The S&P 500 has gained...(Read More