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Q3 GDP, Jobless Claims, Tax Credit Extension, Treasury Auction
quities were slashed yesterday after the new home sales report posted an unexpected 3.6% decline for September. The S&P 500 fell 1.95%, the Nasdaq shed 2.67%, and the Dow moved further south from the 10k mark as it fell 1.21% to 9,762.69.rnrnThis morning, ahead of the first look at Q3 GDP, markets are cautious but generally looking up. That’s not bad considering economists at Morgan Stanley, BofA-Merrill Lynch, and Goldman Sachs all reduced their estimates for the preliminary survey earlier in the week.
New Home Sales Fall For First Time in Six Months
This month single family new home sales fell for the first time since March. The annual pace of new homes sales was 402,000 sales per year, well below economist expectations for a pace of 440,000 annual new home sales. This is a 3.6% month over month decline. August new home sales data was also revised lower, from 429,000 to 417,000 sales per year. rnrnNew home supply was unchanged at 7.5 months. The median home sale price was 204,800, 9.1% lower from September 2008.rnrnNew home sales in the Northeast were unchanged, the Mid-West was 34% higher, the South experienced 10% less
Mortgage Applications Decline. Refinance Demand Drops 16.2%. Purchases Down 5.2%
In last week's release, which reported data for the week ending October 16, mortgage application activity fell 13.7% as mortgage rates rose from 5.02% to 5.07%. The Refinance Index, adjusted for the Columbus Day holiday, decreased 16.8% from the previous week while the seasonally adjusted Purchase Index moved lower as well, decreasing 7.6% from one week earlier. The refinance share of mortgage activity fell to 65.0% of total applications from 67.4% in the previous week.rnrnIn today's release, which covers new loan applications for the week ending October 23, the MBA reported that demand for new mortgages dropped 12.3%, even as
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