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The Week Ahead: U.S. Housing Sales
Economists will be paying attention to this month’s U.S.
housing data in hopes of finding a bottom in the market.
Before that, however, the focus will be in Canada on the Bank of Canada’s
interest rate decision.
Economists aren’t expecting much improvement in the U.S. housing
industry as the sector continues to churn out weak data.
Mortgages Rates, Loan Applications Remain Mostly in Doldrums
Long term mortgage interest rates as reported by
Freddie Mac in its Primary Mortgage Market Survey were virtually
unchanged during the week which ended April 17. However, long term rates
as reported by the Mortgage Bankers Association in their Weekly Mortgage
Applications Survey for the week ended April 18 underwent
significant upward movement.
Fed May Take “Breather” After Cut Next Week
Expectations for a pause in U.S. monetary policy were bolstered by an
article in Thursday’s Wall Street Journal, where noted Fed watcher Greg
Ip said, “The Federal Reserve is likely to cut its short-term interest
rate by a quarter of a percentage point next week — but then may be
ready for a breather.”
However, the Journal article also points out that…
Preview: Further Deterioration Expected in New Home Sales
As the overhang of new homes sits at a 27-year high of 9.8 months,
new home sales are expected to fall for a fifth
consecutive month in the March index from the U.S. Census Bureau on
Thursday.
In February’s report, sales fell 1.8% to a seasonally adjusted annual
rate of 590K, contributing to an almost 30% decline since February 2007,
when the pace was…
Former Fannie Mae Execs Consent to Multi-Million Dollar Penalties
The Office of Federal Housing Enterprise Oversight has reached a
notable settlement with three of Fannie Mae’s former
executives.
The settlement, announced late Friday, will end enforcement actions
against the three officers arising out of accounting and internal control
problems at the two government sponsored enterprises (GSEs) in 2004.
The Consent Order requires that Mr. Raines pay Fannie
Mae a total of $24.7 million…
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