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Housing Starts Fall. Single Family Building Permits On Hold
While we anticipated housing starts and permits would fall in October, today's data was a big surprise to most market participants as economists were expecting housing starts to increase to 600,000 and permits to increase to a 580,000 annual rate.
Refinance Applications Down 1.4%. Purchase Index at 12 Year Low
In this week's release, which reports on loan application activity for the week ending November 13, 2009, new loan application fell 2.5%, even as the 30 year fixed-rate mortgage fell 0.7% to 4.83. The refinance index decreased 1.4% and the purchase index fell 4.7%. This is the sixth consecutive decline for the purchase index and is the lowest read since November 1997.
Housing Starts and Inflation Data
Sitting comfortably at 13-month highs, equities are beginning the day moving sideways ahead of data on inflation and the housing market.rnrnThe Dow looks to open 21 points higher at 10,419 and the S&P 500 is 2.5 points up at 1,110. rnrnThe dollar index index is down 0.50% to 75.0, 37 cents below Tuesday’s close. Its weakness continues to boost commodity prices as foreign investors find their prices attractive. Oil is once again past the $80 mark, while gold prices are trading at $1,147.40 per ounce, a new record high.
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