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Today's Economic Data Highlights

Tyler Durden's picture


After this morning’s report of a sharp setback in mortgage loan applications, we have the third round on third-quarter GDP and sales and prices of existing homes….There is a modest $1.5-$2.5 billion POMO later.

The Mortgage Bankers Association’s index of mortgage applications tumbled 18.6% last week as refinancing applications plummeted 24.6%.  The purchase loan index also lost ground, down 2.5% last week following a 5% drop the week before.

8:30: GDP for Q3 (third estimate)….even more inventory accumulation? Large upward revisions to inventory data for September suggest that real GDP more rapidly than the 2.5% annual rate now posted.  In Goldman's latest daily comment, the firm announced that it - like many others—expects this figure to be revised up, to 3%.  This is unusual for the last monthly round on a GDP estimate.

On GDP, GS: +3.0%; median forecast (of 71): +2.8%, ranging from +2.5% to +3.0%; last (Q3 second estimate) +2.5%.

On the GDP price index, GS: +2.3%; median forecast (of 32): +2.3%, ranging from +1.6% to +2.3%; last: +2.3%.

On the PCE core index: GS: +0.8%; median forecast (of 17): +0.8%, ranging from +0.7% to +1.0%; last: +0.8%.

10:00: Existing home sales for Nov…stable or up?  There’s a strong sentiment out there that sales of existing homes jumped in November.  If this is due to the surge in pending home sales reported earlier, it is a bit premature to see those translate into actual closings. 

Median forecast (of 70): +7.1%, ranging from -4.1% to +17.4%; last -2.2%.

10:00: FHFA housing price index for Oct…another decline?  This index has now fallen four months in a row, reinforcing the fact that the homebuyer tax credit, which expired this past spring, temporarily boosted prices.  Another decline is likely for October.

Median forecast (of 13): -0.2%, ranging from -0.4% to +0.1%; last -0.7%.


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Wed, 12/22/2010 - 09:00 | Link to Comment Croesus
Wed, 12/22/2010 - 09:30 | Link to Comment gwar5
gwar5's picture

Change Dae-Ho

Wed, 12/22/2010 - 09:33 | Link to Comment gwar5
gwar5's picture

All Aboard.

I'm thinking this might be the last chance to sell my house and get equity out while there is still some left.




Wed, 12/22/2010 - 09:38 | Link to Comment mynhair
mynhair's picture

Buy the fukking dip, u fukking idiot.

Wed, 12/22/2010 - 10:11 | Link to Comment youngman
youngman's picture

Mortgage rates up....apps down....go figure.....hows that QEII going Ben?????

Wed, 12/22/2010 - 13:17 | Link to Comment Spigot
Spigot's picture

youngman, I believe your informal economic education is starting to pay off. :-)

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