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Tag Archives: Unemployment

Q3 Home Prices Fall While Some State Sales Rise

Existing-home prices sagged in most metropolitan areas over the third quarter, pointing to a soft spot in job security for people across the country as home affordability hovers around record highs. A quarterly report by the National Association of Realtors revealed that more than two-thirds of all metropolitan areas suffered plunges in home prices from last year. The NAR found state existing-home sales falling by 0.1 percent to crest at a seasonally adjusted 4.9 million over the third quarter. First-time buyers bought up 32 percent of homes.

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October Payrolls Add 80K, Chipping at Unemployment

New

Nonfarm payrolls counted more than 80,000 new jobs for the economy over October, slashing the unemployment rate by a few percentage points but at a clip that analysts say will marginally improve an otherwise uncertain economic outlook. The Labor Department reported Friday that the jump to more than 100,000 new jobs over September - a facelift driven largely by a return to work by striking Verizon employees - slid back to new figures with few surprising numbers for several industries.

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Bernanke: No New Action, but Fed May Still ‘Deploy Tools’

Fed

The Federal Reserve restrained itself from announcing any new monetary or fiscal stimulus measures, deciding instead that it will continue to reinvest principal payments for agency debt in mortgage-backed securities while it keeps a heel on historically low interest rates. Continuing a public relations tour at a time of increasing unpopularity on both the right and left, Federal Reserve Chairman Ben Bernanke addressed reporters from behind a desk.

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Mortgage Applications Inch Forward Amid Market Uncertainty

application

As mortgage rates rose, then fell on a debt deal in Europe, mortgage application volume also crept forward last week, with the uncertain economy and high unemployment forcing homeowners to stay on the sidelines. In releasing a weekly survey, the Mortgage Bankers Association found mortgage applications on a seasonally adjusted curve upward to 0.2 percent from the week before. Refinance activity fell on the whole as purchases, still near historic lows, remained overwhelmingly near bottom, the MBA said.

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CoreLogic: HARP 2.0 Will Help GSEs, Homeowners

Modifications in line for the Home Affordable Refinance Program from the Obama administration will buoy homeowners with negative equity and origination markets, but field few other benefits for investors in mortgage-backed securities, according to a new outlook. Analytics provider CoreLogic released a statement Monday demarcating HARP├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós benefits and problem areas, skewering assertions that the program will alleviate a chronic lack of demand and showing that economic troubles may persist despite government assistance.

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Hearing Portrays a Public Divided Over Dodd-Frank

As debate heats up about whether to repeal the Dodd-Frank Act, witnesses testifying before the House Financial Services Committee Monday appeared as divided over the issue as the general public, with some criticizing the law and others praising it. The leaders of banks and credit unions largely panned the financial regulatory overhaul, highlighting the demand for more resources and manpower in compliance issues even as regulators themselves continue to scrutinize new loans. Others said that Dodd-Frank benefited the recovery.

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Bank Shares Soar on Europe’s Grand Debt Bargain

Bank shares lifted in the enthusiastic market response to news that European Union states reached a grand bargain to save the euro, but analysts speaking with MReport pare jubilation with forecasts for fewer refinance applications and home purchases. After two years of time spent in a debt crisis, European leaders cobbled together a third bailout measure to salvage debt-ridden Greece and prevent further peril for the continent├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós common currency.

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Mortgage Applications Jump 4.9% from Week Earlier

Mortgage application volume leapt forward by 4.9 percent from the week earlier despite flailing numbers for purchase applications. The Mortgage Bankers Association released the Weekly Mortgage Applications Survey for last week, with findings that include a seasonally adjusted 4.9-percent increase and an unadjusted 4.8-percent increase in terms of total mortgage application volume. Mike Fratantoni, VP with the MBA, tells MReport that application volume remains historically low due to low job growth, among other things.

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New Home Sales Strike a 5.7% September Stride

New single-family home sales snagged a September updraft to crest at their highest perch in nearly half a year, but remain below sales seen during the same period last year. The Commerce Department reported that new residential home sales ticked up to an annual rate of 313,000 on a seasonally adjusted basis, reflecting a 5.7-percent revision above the 296,000-unit rate from August. The median sales price for a new house sold over September came out to $204,400, with the average for the same cresting at $243,900.

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Plummeting Loan Applications Hit 15-Year Low

Rising mortgage rates led to 15-year lows for mortgage application volume last week, with lower purchases following uncertain macroeconomic activity and a rush to rentals by prospective first-time homebuyers. In releasing the Weekly Mortgage Applications Survey, the Mortgage Bankers Association found purchase applications plunging by 8.8 percent from the week earlier ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the lowest on record since 1996. The trade group reported declines in overall loan volume by 14.9 percent on both a seasonally adjusted and seasonally unadjusted basis.

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