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FHA Reserves At All Time Low. Audit Sees Finances Recovering in 2012
The annual independent audit report of FHA capital reserves published today shows that, while the reserve ratio has dropped below the level mandated by Congress, the agency is recovering and most scenarios show it continuing to meet its obligations.
MBA: Weekly Refinance Index +11.3%. Purchase Apps at Nine Year Low
In this week's release, which reports on loan application activity for the week ending November 6, 2009, demand for new mortgage loans increased 3.2% from one week earlier. The Refinance index rose 11.3% while the Purchase index fell 11.7%, its lowest level since December of 2000.
Jobless Claims, Deficit Data, Auctions, FHA Audit Release
In terms of data releases the week is only beginning now. Stocks have been rising this week led by the Dow hitting a 13-month high Tuesday and continuing to climb yesterday, but the drivers have been from outside the US economy. This morning the market is looking more cautious ahead of weekly jobless claims and the monthly deficit figures, as neither release is expected to be a harbinger of optimism.rnrnDow Futures have fallen 38 points to 10,221 in pre-session trading, while S&P 500 futures are 3.75 points lower at 1,092.50. In addition, WTI Crude oil remains below the $80 mark
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