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Refinancing Boom Boosts Lender Loan Profitability
Mortgage bankers reported a substantial increase in per-loans profits during the second quarter of 2009 and an increase in loans, especially refinancings, that allowed them to spread their fixed costs over more units.
Pending Home Sales Improve as Tax Credit Expiration Draws Near
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
Production and Employment Lead ISM Index Higher. Temporary Hiring?
The institute for supply management released the Manufacturing ISM Report on Business this morning. "Economic activity in the manufacturing sector expanded in October for the third consecutive month, and the overall economy grew for the sixth consecutive month" said the Institute.rnrnThe Primary Manufacturing Index was reported at 55.7, better than economist estimates for a read of 53.0 and improved from last month's 56.6. The manufacturing ISM report is at it's highest level since April 2006. The prices paid index 65.0 vs. consensus 64.0 vs. 63.5 in September. The Employment Index came in at 53.1 vs. 46.2 in September and the
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