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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 | 823499 Croesus
Wed, 12/22/2010 - 09:30 | 823534 gwar5
gwar5's picture

Change Dae-Ho

Wed, 12/22/2010 - 09:33 | 823537 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 | 823544 mynhair
mynhair's picture

Buy the fukking dip, u fukking idiot.

Wed, 12/22/2010 - 10:11 | 823604 youngman
youngman's picture

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

Wed, 12/22/2010 - 13:17 | 824113 Spigot
Spigot's picture

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

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