Today's Economic Data Highlights
Just housing starts today, following this morning’s weekly report on mortgage applications, which showed a third consecutive decline in the purchase loan index as nobody even pretends the housing double dip is not here… Daily market ramp closes at 11:00 am when Sack Frost completes purchase of $6-8 billion in 2013-2014 bonds (and Apple stock).
The Mortgage Bankers Association’s index of mortgage applications rose 5.0% last week on the back of a 7.7% increase in applications for refinancing. The purchase loan index fell 1.9%, the third consecutive decline.
8:30: Housing starts and permits for Dec…going nowhere? Starts have settled into a range of (generally) 500k to 600k units at an annual rate (about 100k less than that for single-family units), from which they will probably move up only slowly until the excess supply of unoccupied homes is worked off. Expectations for the December center on a median forecast of about -1%. We expect no change.
On starts, median forecast (of 69) -0.9%, ranging from -8.1% to +5.9%; last +3.9%.
On permits, median forecast (of 50) +1.8%, ranging from -4.4% to +5.7%; last -4.0%.
11:00: $6 – $8 billion POMO of bond due 2013-2014. Must not allow downtick. Must not allow downtick. Must not allow downtick.
Via GS and ZH
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